The fall in technology drags the Hang Seng

The Hang Seng, the Hong Kong Stock Exchange benchmark index, closed with losses of 0.16% in a session marked by the fall of technology. It yielded 46.18 points to settle at 28,412.26. Meanwhile, the Hang Seng China Enterprises, the index that measures the behavior of mainland Chinese companies listed on the Hong Kong stock market, fell by 0.57%.

Among the sub-indices, advances in Services (0.69%), Real Estate (0.11%), and Finance (0.09%) stood out. At the same time, the Commerce and Industry sector, the one that houses technological stocks, sank by 0.48%.

Among the digital giants, the most significant decline was for Meituan, which lost 1.53%. It was followed by Alibaba plummeting by 1.44%. Also, Tencent yielded 0.51%.

Other technology companies, such as Xiaomi, lost 2.91%. AAC Technologies decreased by 0.22%, also finishing in negative territory.

In the real estate field, the best performance was that of China Resources Land, which rose 0.69%, while in the financial area, the state-owned Bank of Communications advanced 1.78%.

HKEX lost 0.71% after appointing its new CEO and announcing that it will expand the number in the Hang Seng to 58 by adding the automotive company BYD, the manufacturer of solar panels. 

The day was positive for Chinese state companies, especially the ones that are producing crude oil. Cnooc increased by 0.47%.

Among telephone operators, China Mobile advanced by 0.3%, and China Unicom lost 0.47%.

The business volume of the session was 120,880 million Hong Kong dollars (15,567 million US dollars). 

 

Seoul Stock Exchange loses 0.38% on inflation fears

The Seoul Stock Exchange settled today with a fall of the Kospi, its primary indicator. It dropped by 0.38%, given the renewed fears generated by post-pandemic inflation.

The South Korean selective Kospi lost 12.12 points to 3,144.3 units. At the same time, the Kosdaq technology stock index slipped by 1.79%, or 17.26 points, to close at 948.37 units.

Foreign and institutional traders were once again net sellers today.

The highest-cap stock on the Kospi, Samsung Electronics, fell by 0.5%. SK Hynix, the world’s second-largest chipmaker, slumped by 2.45%.

Naver, the operator of the biggest South Korean internet portal, lost 1.25%. Besides, Kakao, the country’s primary instant messaging application operator, reduced its value by 0.43%.