HSTECH 2.3% Lower; TENCENT/ NTES Sturdy;JD HEALTH Dive 5%-6.5%

The Nasdaq fell on its first trading day of 2024, with $Apple (AAPL.US)$ , which was downgraded to "underweight" by Barclays with TP down to US$160, continuing to drop 3.6%. In addition, $NASDAQ Golden Dragon China (.HXC.US)$, which reflects the performance of Chinese ADRs, lost 3.5%.

$Hang Seng TECH Index (800700.HK)$ busted below the 20 and 10MAs to bottom at 3,627, and last at 3,630, down 2.3%. $Hang Seng Index (800000.HK)$ also missed the 10MA, bottoming at 16,564; and last at 16,593, down 195 pts or nearly 1.2%, with a total turnover of $34.5 billion.

Except for $TENCENT (00700.HK)$ and $NTES-S (09999.HK)$ , which edged up less than 1%, none of the 30 constituent stocks of the HSTECH were spared from the general slump of more than 1%-6%. Healthcare platform stocks were under greater selling pressure, especially $JD HEALTH (06618.HK)$ , which tumbled 6.5% to $35.7, being the worst performing blue chip; $PA GOODDOCTOR (01833.HK)$ and $ALI HEALTH (00241.HK)$ drifted lower by nearly 2%-3.5%.

$XIAOMI-W (01810.HK)$ , $LENOVO GROUP (00992.HK)$ , $BIDU-SW (09888.HK)$ , $BILIBILI-W (09626.HK)$ , $KINGSOFT (03888.HK)$ , $GDS-SW (09698.HK)$ , $KINGDEE INT'L (00268.HK)$ and $SUNNY OPTICAL (02382.HK)$ shed more than 2%-3%.

$MEITUAN-W (03690.HK)$ , $BABA-W (09988.HK)$ and $JD-SW (09618.HK)$ continued to slip more than 2%-3.5%.