15th October 2024 – (Hong Kong) Hong Kong’s stock market experienced significant volatility on Monday, while U.S. markets continued their upward trajectory from the previous session. The Dow Jones Industrial Average closed above 43,000 points, gaining 201 points, while the S&P 500 and the NASDAQ Composite increased by 0.77% and 0.87% respectively.
In a day marked by heavy losses, the Hang Seng Index plummeted by 906 points this afternoon, reflecting a deepening bearish sentiment among investors. The technology-focused Hang Seng Tech Index was particularly hard-hit, dropping 5.37% to end at 4,417 points.
Major Hong Kong-listed companies saw significant declines. Alibaba Group (9988) fell nearly 6% to HK$99, erasing earlier gains and dropping below its listing price, often referred to colloquially as the “red bottom.” Hong Kong Exchanges and Clearing Limited (0388) also saw a near 6% reduction, closing at HK$304.
Meituan (3690), another heavyweight in the Hang Seng, suffered an 8% decrease to HK$168.7. Tencent Holdings (0700) declined over 5%, ending the day at HK$413.4. These movements underscore a broader unease in Asian markets, fuelled by concerns over global economic stability and sector-specific issues within tech industries.
