The Economic Information Daily, October 2 - More U.S. Federal Reserve officials have adopted a dovish stance, but during the recent National Day holiday break in Hong Kong's stock market, the yield on the U.S. 10-year Treasury briefly surpassed 5.3%, and despite a retreat in market expectations for a rate hike at the end of October, Hong Kong stocks have seen sharply weakened support amid the suspension of northbound flows. The market plunged over 700 points in the morning session and remained weak in the afternoon, with key sectors such as financial and tech stocks continuing to decline. The Hang Seng Index still remained around 700 points lower, failing to regain 24,000.

    Financial stocks showed no strength in rebounding: HSBC (00005) fell 5.8% to HK$148.90, still below its 100-day moving average; AIA (01299) dropped 5.6% to HK$69.50; Standard Chartered (02888) declined 6.1% to HK$229.40; and HKEX (00388) fell 3.4% to HK$374.80.

    Tech stocks continued to slide: Alibaba (09988) dropped 2.6% to HK$103.80; Tencent (00700) fell 2.5% to HK$420.20; Xiaomi (01810) declined 4.5% to HK$24.10.

    With the absence of northbound funds, biotech stocks were left without support: BeiGene (06160) fell 6.1% to HK$211.60; Innovent Biologics (01801) dropped 2.1% to HK$96.00; WuXi Biologics (02269) declined 3% to HK$54.35.

    Currently, the Hang Seng Index stands at 23,915, down 697 points or 2.8%, with turnover on the main board nearing HK$116.5 billion. The Hang Seng China Enterprises Index is at 8,011, down 208 points or 2.5%. The Hang Seng Tech Index is at 4,142, down 111 points or 2.6%.
 (hc)