Hong Kong stocks open high and close low, semiconductors lead, internet stocks underperform

The Hang Seng market showed an overall pattern of high opening and low going in the morning session on May 21. The Hang Seng Index opened higher by nearly 200 points in the morning, then fluctuated downwards, erasing all gains before the noon session, and finally closed down 0.02% at noon, at 25,647.24 points. The Hang Seng Technology Index once increased by more than 1% at the beginning of the trading, then turned down, and closed down 0.24%, at 4,862.32 points. The China Enterprises Index also fell in sync by 0.36%. The morning's market turnover reached 150.855 billion Hong Kong dollars.

Sector differentiation is obvious, semiconductors continue to show strong performance recently. Semiconductor Manufacturing International Corporation (SMIC) closed up by 2.4%, and storage semiconductor-related stocks also rose generally. The aviation sector collectively strengthened, with Air China increasing by 5.69%, benefiting from recent oil price reductions and improved expectations of travel demand. Securities firms with Chinese capital also performed well, with China Merchants Securities rising by 3.96%, and the market considers it one of the market trend indicators.

Tech and internet stocks, however, became the main force that dragged down the market. Baidu fell by nearly 4%, Alibaba, Tencent, JD.com, and Xiaomi all went down, with the AI application sector stocks weakening, and Smart谱closed down by 4.82%. Bilibili's (Bilibili) drop was at the forefront, with a closing drop of 6.99%. In contrast, the automotive sector strengthened against the overall trend, with Seres up 5.84%.

In terms of domestic real estate stocks, Jinhui Holdings plummeted by over 27% leading the decline, with weak real estate investment and sales data being the main source of pressure. Coal stocks and domestic bank stocks are also mostly sluggish, with the overall market sentiment being cautious.