The Hang Seng Index opened significantly lower this morning, down by 632 points or 3.14% settling at 19,494 points. Likewise, the National Index dropped by 232 points, or 3.13%, to stand at 7,198 points, while the Technology Index suffered a decline of 194 points, or 4.26%, now at 4,373 points.
In the export sector this morning, Shenzhou International Group Holdings (2313) opened down 6.1%, while Intime Group (1382) remained flat at the opening. Crystal International Group (2232) saw a decrease of 5.6%. The shipping and port stocks also faced a downturn; China Merchants Port Holdings (0144) opened down 0.7%, COSCO Shipping Ports (1199) remained flat, while Orient Overseas (International) (0316) dropped by 1.5%, and CK Hutchison Holdings (0001) fell by 2.7%.
Asian technology stocks were particularly hard hit, with Alibaba Group (9988) opening down 5% and Tencent Holdings (0700) declining by 3.3%. Meituan Dianping (3690) fell by 4%, while Xiaomi Corporation (1810) opened down by 2.8%. Further pressures in the technology sector were evidenced by Kuaishou Technology (1024) dropping by 4% and Semiconductor Manufacturing International Corporation (0981) experiencing a decline of 3.7%.
On Tuesday, 8th April, U.S. stock markets experienced substantial volatility, with the Dow Jones Industrial Average initially surging by over 1,400 points before succumbing to increased tensions in the ongoing trade war, eventually closing down by 320 points. This marked the fourth consecutive day of decline, as investor fears escalated, driving the VIX index—a measure of market volatility—up by 11% to 52.33. In response to this tumultuous backdrop, Asian markets followed suit on Wednesday, 9 April, commencing their trading sessions lower. The Japanese stock market, for instance, opened down more than 1,100 points, reflecting the ripple effect of the US market downturn.
Source: Dimsumdaily.hk
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