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. $BABA-SW(09988.HK)$ reduced its holdings in $CLOUD MUSIC(09899.HK)$ 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.