The Economic Daily News, 23rd - US stocks weakened on Thursday, with AI-related concepts falling due to financing concerns, dragging the Nasdaq down sharply by 2.6%. After a volatile session, the Hong Kong market recovered, with the Hang Seng Index opening above 23,000 at 23,027, up 93 points or 0.4%. Board turnover stood at HK$3.137 billion. The Hang Seng China Enterprises Index stood at 7,744, up 55 points or 0.7%. The Hang Seng Tech Index stood at 3,813, up 19 points or 0.5%.
Meta's 5-year credit default swap (CDS) spread rose to a record high on Thursday, indicating rising investor concerns over its credit risk as the company continues to expand its AI spending. The stock plunged 7% at closing. However, Hong Kong tech and internet stocks overall rebounded. Alibaba (09988) rose 1.18% to HK$98.5, challenging the 100-yuan level; Baidu (09888) gained 1% to HK$75.85; Meituan (03690) rose 1.89% to HK$72.65; JD.com (09618) climbed 2.14% to HK$100.4; Xiaomi (01810) gained 0.78% to HK$26, while Tencent (00700) continued to open lower by 0.16% at HK$381.8.
With the mainland tax adjustment factor dissipating, NetEase (09999) opened up 2.42% at HK$186.2; PopMart (09992) rose 0.47% to HK$129.1.
CATL (03750) remained under pressure, opening down 3.66% at HK$326, extending its losing streak to eight consecutive days with a cumulative drop of 34.11%. Li Auto (02015) rose 3.46% to HK$44.88, leading the blue chips higher.
Reports suggest the Trump administration plans to restrict US investments in Chinese biotech firms and brain-computer interface companies. Nevertheless, some biotech stocks rebounded: Sinopharm (01099) rose 3.25% to HK$15.9; BeiGene (06160) gained 2.14% to HK$229.4.
Rising oil prices heightened rate hike expectations, sending gold prices down to the edge of $4,000 per ounce, causing gold-related stocks to open collectively lower: Zijin Mining (02899) fell 3.78% to HK$28; Zijin Gold International (02259) dropped 5.63% to HK$115.7; Chifeng Gold (06693) declined 5.41% to HK$29.04; Lingbao Gold (03330) fell 4.26% to HK$16.2; Shandong Gold (01787) dropped 3.95% to HK$16.53. (ey)
Meta's 5-year credit default swap (CDS) spread rose to a record high on Thursday, indicating rising investor concerns over its credit risk as the company continues to expand its AI spending. The stock plunged 7% at closing. However, Hong Kong tech and internet stocks overall rebounded. Alibaba (09988) rose 1.18% to HK$98.5, challenging the 100-yuan level; Baidu (09888) gained 1% to HK$75.85; Meituan (03690) rose 1.89% to HK$72.65; JD.com (09618) climbed 2.14% to HK$100.4; Xiaomi (01810) gained 0.78% to HK$26, while Tencent (00700) continued to open lower by 0.16% at HK$381.8.
With the mainland tax adjustment factor dissipating, NetEase (09999) opened up 2.42% at HK$186.2; PopMart (09992) rose 0.47% to HK$129.1.
CATL (03750) remained under pressure, opening down 3.66% at HK$326, extending its losing streak to eight consecutive days with a cumulative drop of 34.11%. Li Auto (02015) rose 3.46% to HK$44.88, leading the blue chips higher.
Reports suggest the Trump administration plans to restrict US investments in Chinese biotech firms and brain-computer interface companies. Nevertheless, some biotech stocks rebounded: Sinopharm (01099) rose 3.25% to HK$15.9; BeiGene (06160) gained 2.14% to HK$229.4.
Rising oil prices heightened rate hike expectations, sending gold prices down to the edge of $4,000 per ounce, causing gold-related stocks to open collectively lower: Zijin Mining (02899) fell 3.78% to HK$28; Zijin Gold International (02259) dropped 5.63% to HK$115.7; Chifeng Gold (06693) declined 5.41% to HK$29.04; Lingbao Gold (03330) fell 4.26% to HK$16.2; Shandong Gold (01787) dropped 3.95% to HK$16.53. (ey)
