According to Zhitong Finance APP, the Hang Seng TECH Index has expanded its decline to nearly 3%. Among the constituent stocks, major technology stocks have generally fallen, with Alibaba down nearly 5%, marking a seven-day losing streak. As of the time of publication, Alibaba-W (09988) is down 4.5%, trading at HKD 80.6; Tencent (00700) is down 1.77%, trading at HKD 400.4.On the news front, on November 22, the US dollar index rose to 107.18, reaching a new high since October 2023. Everbright Securities pointed out that the Trump 2.0 policy proposals will continue to create a strong dollar situation, but considering that the inflation risk in the US is controllable and the Federal Reserve's core goal is to stabilize employment, the liquidity pressure on Hong Kong stocks under the scenario of US dollar interest rate cuts is relatively small. Since 2024, China's domestic demand has been insufficient and increasingly reliant on exports. The new round of tariff policies is expected to advance faster, cover a wider range, and be more forceful than the previous round, resulting in a more significant impact on China's exports and economic fundamentals compared to the Trump 1.0 era.Haitong International recently pointed out that under the influence of a strong dollar, the Asia-Pacific market has generally declined; the Hang Seng TECH Index has fallen 20% since its peak on October 7 due to previous excessive gains, and the correction has been sufficient. Since most internet giants have already lost more than half of their gains from late September to early October, the subsequent rebound in Hong Kong stocks still requires a rebound in the internet sector, especially for companies whose third-quarter performance and fourth-quarter guidance exceed expectations

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The Hang Seng TECH Index fell nearly 3%, with technology stocks generally declining. Alibaba-W dropped nearly 5%, with its stock price currently showing seven consecutive days of decline, reported at HKD 80.6. The US dollar index rose to 107.18, reaching a new high for 2023. Everbright Securities pointed out that the Trump 2.0 policy will continue to drive the strength of the US dollar, although the inflation risk in the United States is controllable. Haitong International stated that under the influence of a strong US dollar, the Asia-Pacific market generally declined, and Hong Kong stocks need to rely on a rebound from internet giants

- The Hang Seng Tech Index has seen a nearly 3% decline, with major tech stocks like Alibaba dropping close to 5%, marking seven consecutive days of losses.  
- As of the latest update, Alibaba's stock is down 4.5% at HKD 80.6, while Tencent has decreased by 1.77% to HKD 400.4.  
- The strong US dollar, reaching a new high of 107.18, is expected to exert liquidity pressure on Hong Kong stocks, with analysts noting that the impact of new tariff policies on China's exports and economy will be more pronounced than during the previous Trump administration.

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Understanding the Market | Hang Seng TECH Index declines nearly 3%, tech stocks generally fall, Alibaba-W drops nearly 5%, marking seven consecutive declines