Hong Kong stocks, Chinese A-shares closed lower in first week of 2024

 

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The Hang Seng Index fell 0.66% to close at 16,535, the Hang Seng China Enterprises Index down 0.75% and the Hang Seng Tech Index slid 1.7%. For the week, the three indexes fell 3%, 2.8% and 4.6%, respectively. 

Technology heavyweights were mostly lower on Friday, with Alibaba Group sliding more than 3%, Tencent down more than 2%, NetEase and Kuaishou down more than 1%. 

Drugmakers and biotech companies led the losses. Paper producers, catering companies, mobile game companies, defence stocks, automakers and semiconductor companies were mostly lower. 

Home appliance makers, telecoms companies, education companies, movie production companies and oil companies outperformed. 

Chinese A-shares also closed lower, with the benchmark Shanghai Composite Index falling by 0.85% to close at 2,929 on Friday, bringing its weekly loss to 1.5%. The Shenzhen Component Index fell 1.07%, down 4.3% for the week, while the tech-heavy Chinext Price Index dropped 1.5% to hit a new low since January 2020, brining its weekly loss to more than 6%.

Defence stocks, telecom equipment companies, power equipment companies, education firms, internet companies and biotech companies led the losses, while banks, insurance companies, home appliance producers and building material suppliers outperformed.

Overseas investors bought a net 1.99 billion yuan of Chinese A-shares via the Mainland – Hong Kong Stock Connect scheme on Friday. For the first week in 2024, overseas investors bought a net 5.5 billion yuan of A-shares via the Stock Connect.