The Economic Information Daily (2nd exclusive) - U.S. long-term bond yields surged, but another Federal Reserve official adopted a dovish tone, raising the probability of no rate hike this month to 75%. However, Hong Kong stocks resumed trading today without support from northbound funds, causing financial stocks to fall sharply at the open. The Hang Seng Index opened at 24,099, the lowest since July 13, down 513 points or 2.1%, with turnover on the main board reaching HK$5.392 billion. The Hang Seng China Enterprises Index stood at 8,078, down 141 points or 1.7%. The Hang Seng Tech Index was at 4,176, down 76 points or 1.8%.
The yield on the U.S. 10-year Treasury bond briefly exceeded 5.3%, the highest since 2002, causing volatility in financial stocks. HSBC (00005) opened down 5.51% at HK$149.3, AIA (01299) fell 4.21% to HK$70.5, Standard Chartered (02888) dropped 5.24% to HK$231.6, and Bank of China (Hong Kong) (02388) declined 1.34% to HK$51.55.
U.S. bond concerns also dampened investors' appetite for tech and internet stocks. Alibaba (09988) fell 2.35% to HK$104.1, Tencent (00700) dropped 2.09% to HK$422, Baidu (09888) slid 3.03% to HK$83.2, Meituan (03690) declined 1.95% to HK$70.3, and Kuaishou (01024) fell 1.75% to HK$30.4.
JD.com-related stocks were under pressure. JD.com Group (09618) dropped 2.59% to HK$101.6, JD Health (06618) plunged 6.94% to HK$33.5, and JD Logistics (02618) fell 4.87% to HK$9.57.
BeiGene (06160) opened down 5.68% at HK$212.6; Mengniu Dairy (02319) declined 4.26% to HK$17.08.
Only two blue-chip stocks opened higher this morning. New Oriental (09901) rose 0.23% to HK$43.02, and China Unicom (00762) edged up 0.09% to HK$5.46. (ey)
The yield on the U.S. 10-year Treasury bond briefly exceeded 5.3%, the highest since 2002, causing volatility in financial stocks. HSBC (00005) opened down 5.51% at HK$149.3, AIA (01299) fell 4.21% to HK$70.5, Standard Chartered (02888) dropped 5.24% to HK$231.6, and Bank of China (Hong Kong) (02388) declined 1.34% to HK$51.55.
U.S. bond concerns also dampened investors' appetite for tech and internet stocks. Alibaba (09988) fell 2.35% to HK$104.1, Tencent (00700) dropped 2.09% to HK$422, Baidu (09888) slid 3.03% to HK$83.2, Meituan (03690) declined 1.95% to HK$70.3, and Kuaishou (01024) fell 1.75% to HK$30.4.
JD.com-related stocks were under pressure. JD.com Group (09618) dropped 2.59% to HK$101.6, JD Health (06618) plunged 6.94% to HK$33.5, and JD Logistics (02618) fell 4.87% to HK$9.57.
BeiGene (06160) opened down 5.68% at HK$212.6; Mengniu Dairy (02319) declined 4.26% to HK$17.08.
Only two blue-chip stocks opened higher this morning. New Oriental (09901) rose 0.23% to HK$43.02, and China Unicom (00762) edged up 0.09% to HK$5.46. (ey)