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Hang Seng Stumbles as Tech Selloff, Trade Tensions Weigh on Sentiment 

um editor

UM Editor

May 9, 2024 at 11:32 am

The Hang Seng Index suffered a significant setback on Wednesday, plunging 165.51 points or 0.9% to close at 18,313.86, erasing its morning gains and ending in negative territory for the second consecutive day as all sectors experienced declines. The technology sector bore the brunt of the sell-off, with the tech index plummeting over 1% after the United States revoked licenses allowing Chinese tech giant Huawei Technologies Co. to purchase chips from semiconductor giants Qualcomm Inc. and Intel Corp., dealing a substantial blow to the embattled company. 

Traders remained cautious, reluctant to initiate new positions ahead of crucial economic data releases, including trade figures from mainland China scheduled for Thursday and the Consumer Price Index (CPI) and Producer Price Index (PPI) numbers due over the weekend. The losses were partially mitigated by reports suggesting that Beijing was preparing to offer cash support to aid mainland cities in upgrading their infrastructure over the next three years, a move aimed at bolstering the economy. 

Meanwhile, futures tied to US shares rose slightly, following a mixed and muted trading day on Wall Street Tuesday, as investors continued to digest a deluge of corporate earnings reports amid a decline in Treasury yields. Semiconductor Manufacturing International Corporation (SMIC) dipped 2.5%, while other notable decliners included Techtronic Industries (-3.0%), China Resources Land (-5.0%), Li Auto (-4.7%), and Meituan (-1.7%). 

The market’s downturn underscored the prevailing uncertainty and cautious sentiment among investors, who are closely monitoring geopolitical tensions, economic data releases, and corporate earnings reports for clues regarding the direction of the global economy and financial markets. 

(Hang Seng Index Six-month Chart) 

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