Hong Kong Shares Open Lower with Tech and Internet Stocks Weakening, Semiconductor Shares Retreat

Deep News
May 08

U.S. stocks closed lower on Thursday as renewed tensions between the U.S. and Iran dampened market sentiment, with all three major indices finishing in negative territory. The U.S. dollar strengthened, while the yield on the 10-year Treasury note rose to around 4.39%. Gold prices advanced initially but later retreated, and oil prices rebounded from earlier lows.

In today's trading session, Hong Kong's three major indices opened lower. The Hang Seng Index fell 1% at the open to 26,359.79 points, the Hang Seng Tech Index dropped 0.81%, and the Hang Seng China Enterprises Index declined 0.63%. Among sector performances, most technology and internet stocks trended downward, although Baidu rose more than 2%. Lenovo, Bilibili, and Alibaba each fell over 1%. Biotechnology stocks focused on innovative drugs weakened, with Zai Lab dropping more than 5%. Semiconductor stocks pulled back, with Montage Technology down over 5%. Most gold-related stocks declined, including Chifeng Gold, which fell more than 2%.

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