Good day, traders!
What you need to know: Hong Kong and broader Asian markets declined in morning trade on Wednesday, tracking overnight losses on Wall Street as soaring US Treasury yields and lingering geopolitical anxieties regarding tensions between the US and Iran weighed on investor sentiment.
The benchmark Hang Seng Index declined 0.56 per cent to 25,653.18 points as of 9.45am, while the Hang Seng Tech Index dropped 0.34 per cent to 4,840 points. On the mainland, China's CSI 300 Index slid 0.30 per cent to 4,838.09 points and the Shanghai Composite Index retreated 0.54 per cent to 4,147.06 points as cautious trading prevailed across domestic bourses.
Regionally, Japan's Nikkei 225 Index slumped 1.46 per cent to 59,664.07 points, hit by surging bond yields and a sharp sell-off in technology shares. South Korea's Kospi Index fell 1.66 per cent to 7,150.76 points, extending a downturn amid foreign selling, while Australia's S&P/ASX 200 Index slipped 0.47 per cent to 8,564.20 points on renewed bond market pressures.
In the technology and e-commerce sector, large-cap firms experienced broad losses as high-speed bond yields in the US overnight pressured growth stocks. Search-engine operator Baidu slumped 2.12 per cent to HK$133.80, online travel-booking agency Trip.com slid 2.68 per cent to HK$378.20, and short-video sharing platform Kuaishou Technology tumbled 2.62 per cent to HK$47.60. E-commerce giant Alibaba Group Holding dropped 0.60 per cent to HK$132.50, and smartphone maker Xiaomi Corporation slipped 1.57 per cent to HK$30.16. Bucking the tech downturn, food-delivery major Meituan edged up 0.12 per cent to HK$83.15, and hardware leader Lenovo Group advanced 2.36 per cent to HK$13.01, supported by optimism around local AI hardware integration policies highlighted by Chinese leadership.
In other sectors, electric-vehicle maker Li Auto gained 1.37 per cent to HK$62.95 following recent calls from Beijing to deepen the integration of AI within advanced manufacturing facilities. Oil and gas producers advanced as energy security concerns re-emerged, with PetroChina adding 1.35 per cent to HK$11.27 and CNOOC climbing 0.94 per cent to HK$27.82. Conversely, the property sector weakened, with developer China Resources Land losing 1.75 per cent to HK$34.72. Among consumer and industrial counters, toy retailer Pop Mart International Group slipped 0.13 per cent to HK$152.30, sportswear firm Li Ning declined 0.59 per cent to HK$18.40, and power tool maker Techtronic Industries slumped 2.80 per cent to HK$114.40, while aluminium producer China Hongqiao Group rose 1.95 per cent to HK$31.34.
