Hang Seng closes down 241 points as tech and EV shares weigh, SMIC jumps 3.7%

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Hong Kong stocks closed lower on Wednesday, with the benchmark Hang Seng Index falling 241 points, or 0.98 percent, to 24,315 amid broad weakness in technology and electric…

Hong Kong stocks closed lower on Wednesday, with the benchmark Hang Seng Index falling 241 points, or 0.98 percent, to 24,315 amid broad weakness in technology and electric vehicle shares.

The tech gauge fell 1.41 percent, dragged by most consumer cyclical stocks. BYD Company (1211) declined 3.8 percent, Li Auto (2015) fell 3.4 percent, and XPeng (9868), Leapmotor (9863), and Nio (9866) all fell by around 3 percent.

Local chipmakers continue to rally, with Semiconductor Manufacturing International Corporation (0981) gaining 3.7 percent as the best-performing blue chip. Chinese battery maker CATL (3750) follows with a 2.5 percent rise, while tech share Lenovo (0992) rose 2.4 percent.

Other tech heavyweights edged lower, with Tencent (0700) falling 1.96 percent and Alibaba (9988) slipping 0.98 percent. Meanwhile, Meituan (3690) and NetEase (9999) dropped 3.5 percent and 3.4 percent, respectively.

Link Real Estate Investment Trust (0823) closed down 1.5 percent ahead of its interim results announcement tomorrow. Its counterpart, Sun Hung Kai Properties (0016), also fell 1.48 percent, and MTR Corporation (0066) dropped 1.32 percent.

In the mainland, the Shanghai Stock Exchange Composite Index edged up 16 points, or 0.46 percent, to 3,680 points, and the Shenzhen Stock Exchange Composite Index rose 1.32 percent to 11,389 points.

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