Changes in Hong Kong stocks | Technology stocks continue to decline Alibaba-W (09988) falls more than 4%, Tencent (00700) falls nearly 2%

The Zhitong Finance App learned that the Hang Seng Technology Index fell today, falling nearly 3% in the afternoon. In terms of constituent stocks, Alibaba-W (09988) fell 4.37% to HK$142.1; SMIC (00981) fell 3.63% to HK$62.35; and Tencent (00700) fell 1.74% to HK$592.5.

According to the news, recent liquidity factors and the correction in the US AI sector have weighed on sentiment in the Hong Kong stock market. According to the Dongwu Securities Research Report, from a financial perspective, south-bound capital is mainly defensive. They generally wait until the end of this year and attack after starting next year. There is strong consensus that the first quarter policy got off to a good start. Apart from technology, they are generally optimistic. Looking at the medium to long term, the leading AI technology valuation in Hong Kong stocks is within a reasonable range. Once new policies or industry catalysts are in place and capital is launched, Hang Seng Technology will clearly rebound.

It is worth noting that the Bank of Japan will hold a monetary policy decision meeting from December 18 to 19 to raise the policy interest rate, which is currently 0.5%, and has now entered the final coordination stage. The most likely solution is to raise interest rates by 0.25% to 0.75%, reaching the highest interest rate in the 30 years since 1995. Galaxy Securities said that “the Bank of Japan's interest rate hike is the powder keg” may be one of the important factors to consider in Hong Kong stocks. However, the bank believes that the technology sector is still the main line of medium- to long-term investment. Valuation declined after early adjustments, and is expected to rebound and rise, boosted by multiple favorable factors.