Jimmy Lai’s Next Digital swings wildly as Hong Kong, China stocks retreat amid caution over market rebound
- A correction in Hong Kong technology stocks has been overdue, analyst says
- Both Hang Seng and Shanghai Composite end day 0.6 per cent lower
The markets in Hong Kong and China swung to declines at the close on Thursday, with caution about a market rebound prevailing over early optimism over recent and upcoming initial public offerings (IPOs) and gains made by US stocks overnight.
The Hang Seng Index dropped 0.6 per cent to 24,313.54, while the Shanghai Composite Index also ended the day 0.6 per cent lower at 3,234.82.
In Hong Kong, financial stocks led the declines. The Industrial and Commercial Bank of China and insurer AIA Group shed 1.6 per cent and 1.4 per cent, respectively.
The stock surged by as much as 45 per cent in late afternoon trading after plunging by as much as 17.7 per cent earlier in the day. It closed 36.7 per cent higher at HK$0.41 on Thursday.
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Meanwhile, the technology sector was mixed – while benchmark heavyweight Tencent Holdings and smartphone maker Xiaomi led the gains among Hang Seng Index constituents, rising by 2.5 per cent and 1.6 per cent, respectively, the Hang Seng Tech Index lost 0.2 per cent. Hua Hong Semiconductor dropped by about 10 per cent and ZTE Corporation was down 4.2 per cent.