Hong Kong Stocks Open Lower: Hang Seng Down 0.21%, Tech Index Falls 0.11%, Tech Stocks Weaken While Gold Stocks Rise Broadly, CF PHARMTECH Surges Over 218% on Debut

Deep News
Oct 08

The US government shutdown has entered its second week, with import/export and trade balance data originally scheduled for Tuesday being delayed. Market participants expect that the military payroll date in mid-October could potentially lead to an agreement to end the shutdown. On October 7, the Dow Jones initially rose before declining, climbing as much as 173 points before closing down 91 points, while the Nasdaq fell 0.7%. Global uncertainty has driven capital flows toward safe-haven assets, with Bitcoin breaking through $126,000 to reach a historic high. Spot gold reached a new record high of $3,977.4 per ounce, while the US 10-year Treasury yield rose back to 4.17% due to the government shutdown impact.

Hong Kong's three major indices opened collectively lower today. The Hang Seng Index fell 0.21% to 26,900.64 points, the Hang Seng Tech Index declined 0.11%, and the H-shares Index dropped 0.09%. In terms of sector performance, tech stocks showed more declines than gains, with Baidu and Alibaba falling over 1% while NetEase rose nearly 1%. Gold stocks posted broad gains, with Tongguan Gold surging over 3%. Property stocks declined across the board, with Longfor Group dropping over 8%. CF PHARMTECH soared over 218% on its first trading day.

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