Hong Kong Stocks Plunge; NIO Down 8%, BYD And SMIC Down 7%, XPeng Down 6%, Xiaomi, Alibaba And CKH Holdings Down 3%
On Friday, March 21, the Hong Kong stock market experienced significant declines. The Hang Seng Index (HSI) fell by 2.19%, the Hang Seng Tech Index (HSTECH) decreased by 3.37%.
The market saw broad declines across various industry sectors. Notably, the technology sector was hit hard, with the Hang Seng Tech Index losing over 3% and falling below its 20-day and 30-day moving averages. This was driven by investor concerns over earnings reports and external uncertainties, leading to a sell-off.
Among individual stocks, BYD Company saw a significant drop of 7.69%. NIO-SW also faced a sharp decline, falling by 8.77%. Other notable declines included SMIC, which fell by 7.49%, and XPeng down 6%, Kuaishou dropped by 5.35%. Xiaomi, Alibaba and CKH holdings down 3%.
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