Overnight US long-term yields hit fresh highs and oil surged, weighing on APAC
risk; Hong Kong opened lower and the Hang Seng extended losses into midday. The
HSI has fallen for four sessions, down 696 points cumulatively and slipping
below the 25,000 mark. The index opened down 236 points at 24,718, probed an
intraday low of 24,570 (down 384), and was down 0.85% at the midday break; the
Hang Seng Tech Index was down 0.79%. Market turnover was HKD 118.83 bln. Sector
moves: application software, non-ferrous and precious metals, and storage/memory
names fell sharply; computer equipment and semiconductor-equipment stocks were
weak; biopharma and mainland property names extended multi-day declines. Oil &
gas and optical-communications names led gains while dining, retail, mobile
gaming and film stocks staged a modest rebound. Selected movers: Oriental
Overseas International (00316.HK) +2.4%; Haidilao International (06862.HK) and
Sunny Optical (02382.HK) ~+2%; Tencent (00700.HK) and Xiaomi (01810.HK) >+1%.
Large declines included Zhida Technology (02650.HK) -28.5%+, Jiangxi Copper
(00358.HK), Qunhe Technology (00068.HK) and Luoyang Molybdenum (03993.HK) -10%+,
and MiniMax (00100.HK) ~-8.5%.
