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Hang Seng Tech Index falls over 2% in early trade; Alibaba, Xiaomi drop more than 3%
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Hong Kong's Hang Seng Tech Index extended losses to 2% in early trading on Friday, with major tech stocks declining. Alibaba and Xiaomi fell over 3%, while Meituan, Baidu, and JD.com dropped more than 2%. The broader Hang Seng Index opened 0.96% lower. In Japan, the Nikkei 225 rose 1% to 66,180.03 points, led by gains in chip stocks such as Tokyo Electron (up over 3.5%) and banking stocks like Mizuho Financial (up over 3%). Overnight in the U.S., the three major indexes were mixed: the Dow fell 0.31%, the S&P 500 dipped 0.02%, and the Nasdaq edged up 0.01%. Among tech giants, Meta surged 4.5% after unveiling a handheld AI device called Muse Charm, while Intel jumped nearly 4% on a collaboration with Alibaba Cloud on lightweight cloud browsers for AI agents. Chinese ADRs weakened, with the Nasdaq Golden Dragon China Index down 0.67%. International oil prices rose sharply, with WTI crude up 2.66% to $94.61/barrel and Brent crude up 3.41% to $106.60/barrel. Gold and silver edged lower in early Asian trading.
Source report
Hong Kong Markets (09:31 HKT)
- Hang Seng Tech Index extends losses, dropping 2%.
- Alibaba and Xiaomi fall over 3%.
- Meituan, Baidu, and JD.com decline more than 2%.
Hong Kong Market Open (09:21 HKT)
- Hang Seng Index opens 0.96% lower.
- Hang Seng Tech Index drops 0.99%.
- Alibaba and NetEase fall over 2%.
- JD.com declines 1.7%.
- Meituan and Baidu slip nearly 1%.
Japan Markets (09:18 JST)
- Nikkei 225 rises 1% to 66,180.03 points.
Japan Market Open (08:20 JST)
- Nikkei 225 opens higher, up 0.54% as of around 08:20.
Japanese Chip Stocks – Mostly Higher
- Tokyo Electron surges over 3.5%.
- Kioxia gains over 2%.
- Advantest rises over 1%.
- Screen Holdings up over 2%.
- Renesas Electronics falls 0.7%.
- SoftBank Group drops over 3%.
Japanese Bank Stocks – Broad Gains
- Mizuho Financial Group rises over 3%.
- Mitsubishi UFJ Financial gains over 2%.
South Korea Markets
- Closed for holiday.
U.S. Markets (Thursday, Sept 24 – Eastern Time)
- Dow Jones falls 0.31%.
- S&P 500 slips 0.02%.
- Nasdaq edges up 0.01%.
"Magnificent Seven" – Mixed Performance
- Meta surges 4.5%, hitting a new high since September last year. The company launched a handheld AI device, Muse Charm.
- Google rises 1.2%.
- Apple, Nvidia, and Microsoft edge slightly lower.
Memory Chip Stocks – Underperformers
- ARM drops nearly 8%.
- Western Digital falls nearly 5%.
- SanDisk declines over 3%.
- Seagate Technology and SK Hynix slip over 1%.
- Intel bucks the trend, surging nearly 4% to a closing high since July. According to Cailianshe, Intel and Alibaba Cloud are collaborating on a lightweight cloud browser for massive-scale agents.
Other Notable Movers
- Oracle falls 3.47%.
- Cloud service provider Nebius surges 7.44%.
- Vaccine giant Moderna rises nearly 7%.
Chinese ADRs – Mostly Weaker
- Nasdaq Golden Dragon China Index falls 0.67%.
- HaiChuan Securities plunges 13.87%.
- Yatsen Holding and Zhihu Future drop over 10%.
- Xinyi falls nearly 5%.
- Zai Lab declines over 4%.
- Baidu slips nearly 2%.
- Pinduoduo and JD.com fall over 1%.
- Gainers: Zhihu rises over 7%; Gaotu Techedu gains over 5%.
Commodities
Oil Prices Rise
- WTI crude oil (November delivery) up $2.45 to $94.61/barrel (+2.66%).
- Brent crude oil (November delivery) up $3.52 to $106.60/barrel (+3.41%).
Gold & Silver – Early Decline
- Spot gold down 0.05% at $4,271.71/oz.
- Spot silver down 0.16% at $63.73/oz.
Source
21财经Eastern
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**U.S. stocks mixed; memory chip stocks fall, Meta surges 4.5% on AI device launch**