Hang Seng Index opens sharply lower amid tech and banking sell-off

The Hong Kong stock market experienced significant volatility following the National Day holiday. On the market reopening, the Hang Seng Index opened sharply lower by 513 points, reaching 24,099 points.

Major blue-chip and technology stocks faced heavy selling pressure. JD Health saw a decline of nearly 7%, while prominent internet companies including JD.com, Xiaomi, Alibaba, Tencent, and Meituan all recorded losses. The financial sector also faced a downturn, with HSBC and Standard Chartered dropping by approximately 5.5% and 5.2% respectively.

In a previous session, Northbound capital showed a net inflow of 6.864 billion yuan. During that period, investors primarily bought Tencent, CNOOC, and Luneng, while selling SMIC, Zhipu, and Xiaomi. However, trading through the Shanghai-Hong Kong Stock Connect remained suspended during the recent holiday period.