Hang Seng Slips 179 Points Below 100-Day Average; JD Logistics Leads Blue-Chip Losses
Hong Kong's Hang Seng Index fell 179 points, or 0.71%, to 25,217, slipping below its 100-day moving average after three consecutive sessions of cumulative losses totalling 540 points. JD Logistics tumbled 11.3% to HK$12.57, leading blue-chip declines, while SMIC rose 3.8%. The Hang Seng China Enterprises Index lost 0.58% and the Hang Seng Tech Index dropped 1.24%.
Asia-Pacific stocks were mixed on Friday morning, with Japan, South Korea and Taiwan markets rising while Chinese A-shares opened higher but then eased. Hong Kong's Hang Seng Index, which had fallen a cumulative 540 points over three sessions, continued its decline, slipping below its 100-day moving average after dropping more than 200 points at one stage in early trading. The index opened 177 points lower at 25,219 and fell as much as 244 points to 25,152, before finding initial support near the 100-day average. The decline narrowed to 84 points at one point, with the index rising to a high of 25,311, before widening again to more than 100 points. As of 10:54 a. m. , the Hang Seng stood at 25,217, down 179 points, or 0.71%.
The Hang Seng China Enterprises Index fell 48 points, or 0.58%, to 8,377. The Hang Seng Tech Index dropped 59 points, or 1.24%, to 4,732. Among individual stocks, performance diverged after results announcements. JD Logistics fell 11.3% to HK$12.57, JD. com dropped 8.8% to HK$112.2, and CK Asset Holdings fell 6.7% to HK$44.9, the three biggest losers among blue chips for the time being. SMIC rose 3.8% to HK$70.15, while MTR Corp advanced 3.3% to HK$33.4, the best-performing blue chips so far.
Internet stocks broadly declined. Alibaba fell 1.9% to HK$119.6, Meituan dropped 3.5% to HK$88.05, Xiaomi slipped 0.5% to HK$25.76, and Baidu lost 1.3% to HK$101.7. Elsewhere, HSBC fell 0.6% to HK$162.1, Lenovo dropped 1.8% to HK$34.28, while China Mobile rose 1.1% to HK$82.1 after announcing results.