Market Close Review |【Stock Market Barometer】Hong Kong stocks fell below 20,000, Alibaba dropped 18%
Hong Kong stocks fell sharply today, with the Hang Seng Index dropping below 20,000 points, closing at 19,720 points, a decline of 13.7%. Technology stocks performed particularly poorly, with the Hang Seng Tech Index falling 17.76%. Alibaba and ALI HEALTH both dropped over 16%, while tech giants such as Xiaomi, Baidu, and Tencent also suffered heavy losses, each declining over 13%. Overall, Hong Kong stocks experienced the largest drop in the Asian market today
There is no minimum, only lower; after experiencing a panic drop at the opening today, the Hong Kong stock market did not see effective recovery during the period. In the afternoon, led by technology giants, it fell again, causing the Hang Seng Index to drop more than 2,900 points, breaking below the 20,000-point mark, closing the day at 19,720 points (down 13.7%). The decline of the Hang Seng Tech Index was even greater, closing at 4,369 points (down 17.76%). The decline of the National Index was larger than that of the Hang Seng Index, closing at 7,221 points (down 14.23%).
Since the beginning of the Year of the Snake, driven by the DeepSeek concept, the Hong Kong stock market has become the most eye-catching market globally. However, today's sharp decline, compared to other Asian stock markets, saw the Hong Kong stock market experiencing the largest drop (the Japanese stock market fell 2,644 points or 7.8% for the entire day, marking the third-largest single-day drop in history). Almost simultaneously with the reversal of the market, technology stocks transformed from the "leaders" of the rise to the "rapid march" of the decline.
Tech stocks plummet across the board
Affected by unexpected events, Xiaomi's stock price had already dropped significantly more than the market, but today it continued to fall in line with the market, with its stock price falling back to over 30 HKD, essentially erasing the gains made since the beginning of the year, and the single-day decline was greater than that of the Hang Seng Index.
The Alibaba system, which has performed impressively since the beginning of the Year of the Snake, also appeared at the top of the decline list. As of the time of the reporter's writing, Alibaba (09988.HK) and ALI HEALTH (00241.HK) both saw declines exceeding 16%. Major tech giants were not spared, with Baidu (09888.HK) and Tencent (00700) both experiencing declines greater than the Hang Seng Index during the same period, with declines exceeding 13%.
Other star stocks were not far behind, with WuXi Biologics (02269.HK), Lenovo Group (00992.HK), and BYD Electronics (00285.HK) all seeing stock price declines exceeding 20%. Additionally, WuXi AppTec (02359.HK), which had performed well recently, also saw a decline of over 20%. Robot stocks, which had previously stood out, also experienced declines greater than that of the Hang Seng Index, with UBTECH (09880) and Horizon's declines exceeding 20%.
State-owned large banks and utility stocks saw relatively smaller declines. (Reporter Li Hang)
