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%.
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