Hong Kong Stocks Dip Ahead of China Holiday; Tech Giants Slip
Hong Kong stocks ended the week on a down note, with the Hang Seng Index and Hang Seng Tech Index both declining. The market saw investors taking profits, particularly in high-growth sectors, ahead of the National Day holiday in mainland China.
The Hang Seng Index slipped 0.5% to close at 27,140.92, capping off a week that saw it gain 3.9%. The tech-heavy Hang Seng Tech Index also fell, dropping 0.9%.
Several tech giants saw their shares decline. NetEase lost 1.6% to HK$235.60, while JD.com slid 1.8% to HK$140.20. Baidu, the search engine giant, lost 0.7% to HK$138.20. Kuaishou Technology, the short-video platform, declined 3.4% to HK$88.70.
Electric vehicle manufacturers also saw their shares dip. BYD slumped 4% to HK$109.40, and Li Auto dropped 2.4% to HK$99.60.
Meanwhile, Pine Technology made its stock market debut in Hong Kong on Friday. The company, valued at US $500 billion, saw its shares begin trading.
The Hong Kong stock market will remain closed from Wednesday to October 8 due to holidays in mainland China. Despite the recent dip, the Hang Seng Index still managed to gain 3.9% over the week. Investors will be watching for any shifts in market sentiment when trading resumes.
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