Hong Kong Stocks Slide Amid Market Caution Before Mid-Autumn Festival
Hong Kong stocks dipped on Monday as investors cashed in gains from a recent rally and others waited on the sidelines due to the upcoming Mid-Autumn Festival. The Hang Seng Index dropped 0.61% as tech shares led declines, while gold miners rose with record precious metal prices.
Hong Kong stocks took a downturn on Monday, influenced by some investors cashing in on recent profits and others exercising caution ahead of the Mid-Autumn Festival holiday. The Hang Seng Index saw a 0.61% dip by midday, poised for a second consecutive session of losses.
Leading the decline were key technology shares, which saw a decrease of 1.2%. Notably, shares of automakers such as Li Auto descended by 2.9%, contributing to a 1.1% drop in the Hang Seng Automobile Index, with Xpeng and Geely Auto also declining by 1.5% and 1.8%, respectively.
Conversely, gold mining companies listed in Hong Kong posted gains as the precious metal soared to a record high, driven by safe-haven demands amidst a weakening yen and the U.S. government shutdown. Shandong Gold Mining and Zijin Gold International rose by 5.5%, while Zhaojin Mining increased by 3.2%.
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