The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to reduce risk in large cap stocks.
Among the index's contributors, Tencent was a major drag, with its shares falling by around 2.3%, putting pressure on the technology sector, which has recently been a driving force behind market gains. Weakness in large cap companies like this typically quickly impacts sentiment due to their significant weighting in the index.
Further pressure was seen on Budweiser Brewing Company APAC, which recorded one of the largest declines (around 5.2%), reflecting profit taking and investor selectiveness in the consumer staples sector.
Overall, the majority of stocks were in the red: 56 of 88 stocks fell, while 28 stocks rose. Sector wise, two of the four sectors recorded declines, with the most pronounced declines in the trading and industrial groups, indicating a defensive rotation is emerging after the rally of the past few days. (asd) [sma]
Source : Newsmaker.id
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