Hang Seng Tech index falls 1% on October 7 and again on October 8
In short
Hong Kong's Hang Seng Tech index fell 1% to 4,180.65 points on October 7, CLS and Jiemian reported. On October 8 it fell 1% again, which CLS put at 4,152.45 points, with 36Kr, Yicai and Jiemian also reporting the 1% drop.
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The Hang Seng Tech index fell 1% to 4,180.65 points on October 7, CLS and Jiemian reported. Jiemian said Alibaba and Baidu Group were down more than 2%, while Tencent Holdings and Xiaomi Group were down more than 1%. [ 1 , 2 ]
On October 8 the index fell 1% again, according to CLS, 36Kr, Yicai and Jiemian. CLS put the index at 4,152.45 points. Jiemian reported that the decline in Hong Kong's tech index had widened to 1%, while the Hang Seng Index was down 0.31%. None of the reports gave a reason for the declines. [ 5 , 6 , 7 , 8 ]
Why it matters
The reports show the tech index losing about 1% on two days in a row, with Jiemian listing declines of more than 1% to more than 2% in Alibaba, Baidu, Tencent and Xiaomi shares on October 7. The documents give no cause for the declines, so their significance beyond the day's market moves is not clear.
Key facts
- On October 7 the Hang Seng Tech index fell 1% to 4,180.65 points. [ 1 , 2 ]
- On October 7 Alibaba and Baidu Group fell more than 2%, and Tencent Holdings and Xiaomi Group fell more than 1%, Jiemian reported. [ 2 ]
- On October 8 the Hang Seng Tech index fell 1%. [ 5 , 6 , 7 , 8 ]
- CLS reported the index at 4,152.45 points after the October 8 decline. [ 5 ]
- Jiemian reported that the index's decline widened to 1% on October 8, while the Hang Seng Index was down 0.31%. [ 8 ]
Confirmed by several sources
Still unclear
- The index level of 4,152.45 points on October 8. Only CLS gives this figure.
- The share moves of Alibaba, Baidu, Tencent and Xiaomi on October 7. Only Jiemian reports them.
- The Hang Seng Index's 0.31% decline on October 8. Only Jiemian reports it.
- Why the index fell. None of the reports gives a reason for the declines.
What local media are saying
Timeline, local time
- October 7: CLS reports the Hang Seng Tech index down 1% at 4,180.65 points. [ 1 ]
- October 7: Jiemian reports the same level and lists declines in Alibaba, Baidu, Tencent and Xiaomi. [ 2 ]
- October 8: CLS reports the index down 1% at 4,152.45 points. [ 5 ]
- October 8: Jiemian reports the index's decline widened to 1%, with the Hang Seng Index down 0.31%. [ 8 ]