HSI dipped below 19,000

The Hang Seng Index fell for the sixth consecutive trading day, closing down 190 points or 0.99 percent at 18,874 points, the lowest after September 2024.

The main board turnover amounted to HK$134.04 billion. 

The U.S. imposed a new round of sanctions on Russia’s oil industry, pushing international oil prices higher, with the two major Chinese oil stocks rising in response. CNOOC (0883) gained 2.23 percent, PetroChina (0857) rose 2.46 percent, while China Petroleum and Chemical (0386) fell 1.15 percent.

Chip stocks continued to see speculative trading despite the market downturn, with Semiconductor Manufacturing International (0981) rising 6.18 percent, making it the strongest blue-chip stock, while Hua Hong Semiconductor (1347) gained 3.36 percent.

Tech stocks weighed on the market, with Tencent (0700) falling 0.97 percent, Alibaba (9988) down 1.88 percent, Meituan (3690) dropping 1.93 percent, Xiaomi (1810) declining 2.24 percent, JD.com (9618) down 1.45 percent, and Kuaishou Technology (1024) falling 1.4 percent.

The China Enterprise Index dropped 54 points or 0.78 percent to 6,843 points, while the tech gauge declined 38 points or 0.91 percent to 4,221 points.

(Melody Chen)