Hong Kong stocks see massive sell-off, Hang Seng hit lowest in over 11 years
Hong Kong stocks see massive sell-off, Hang Seng hit lowest in over 11 years

Hong Kong stocks see massive sell-off, Hang Seng hit lowest in over 11 years

 

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Hang Kong stocks open sharply lower on Thursday, with the benchmark Hang Seng Index sliding 1.97% to 18,080, the lowest level in more than 20 years. The Hang Seng China Enterprises Index opens down 1.95% and the Hang Seng Tech Index tumbles nearly 3%.

Technology heavyweights continue to see sell-offs, with Alibaba, Baidu, JD.com, Kuaishou and NetEase down more than 3%. Apple suppliers are sliding on report that the smartphone maker may transfer one-quarter of its iPhone production to India by 2025, Sunny Optical sliding more than 7%.

Automakers, biotechnology companies, insurance companies, dairy companies, oil companies and cement makers are also lower.

Internet health care companies and education companies are outperforming.

Chinese A-shares open lower, with the benchmark Shanghai Composite Index down 0.59% at 3,098, the Shenzhen Component Index down 0.77% and the tech-heavy Chinext Price Index down 0.95%.

Home decoration companies, automakers, non-ferrous metal companies, heating and gas suppliers are leading the losses.