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HSI Opens Declining 139 pts, with Techs Under Pressure

Hong Kong stocks opened softly this morning. $Hang Seng Index (800000.HK)$ opened falling 139 points or 0.9% at 16,246, $Hang Seng China Enterprises Index (800100.HK)$ opened dropping 58 points or 1% at 5,745, and $Hang Seng TECH Index (800700.HK)$ opened declining 48 points or 1.4% at 3,308.
Techs were under pressure, with $TENCENT (00700.HK)$ opening 0.3% lower. $BABA-W (09988.HK)$ reduced its holdings in $NETEASE MUSIC (09899.HK)$ by 2.2 million shares over the counter, cashing out HK$192 million. BABA slid 1.5% at open, while CLOUD MUSIC opened flat.
$BIDU-SW (09888.HK)$ , $BILIBILI-W (09626.HK)$ , $KUAISHOU-W (01024.HK)$ , $MEITUAN-W (03690.HK)$ and $LENOVO GROUP (00992.HK)$ opened waning 0.5% to 2.9%. $JD-SW (09618.HK)$ was 0.9% lower at open after the group announced that it had repurchased a total of US$1.2 billion of shares in 1Q24, leaving a US$2.5 billion program balance. $XIAOMI-W (01810.HK)$ opened 1.6% lower after Lei Jun said sales of Xiaomi's SU7 were 3x-5x higher than expected.
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