The Hang Seng Index opened down 392 points, Alibaba fell nearly 3%, and CK Hutchison dropped 1.9% | Hong Kong stock market opens

Heavyweight tech stocks plummeted, coupled with the disruptive spread of AI into traditional industries, leading to a significant drop in the three major U.S. stock indices. The Dow Jones Industrial Average closed down 669 points or 1.34%, at 49,451 points; the S&P 500 fell 108 points or 1.57%, at 6,832 points, marking its third consecutive decline; the Nasdaq dropped 469 points or 2.03%, at 22,597 points; the Golden Dragon Index, which reflects the performance of Chinese concept stocks, declined by 3%, at 7,599 points.

Apple fell 5% due to news of potential delays in the Siri update and possible scrutiny of Apple News, marking its worst single-day performance since April last year. Cisco's gross margin guidance disappointed the market, causing its stock to plummet by 12.3%.

Other major tech stocks generally declined, with Broadcom down over 3%, Tesla, Meta, and Amazon all down over 2%, NVIDIA down 1.6%, and Microsoft and Alphabet down 0.6%. Additionally, the threat of AI spreading to logistics and commercial real estate services saw CBRE drop 8% and Jones Lang LaSalle fall 7%.

In Hong Kong, the Hang Seng Index opened down 392 points, at 26,640 points. In the tech sector, Tencent (700) fell 1.86%; Alibaba (9988) dropped 2.9%; Meituan (3690) decreased by 0.94%.

Spot gold prices fell 4% overnight, while spot silver prices dropped 11.7%. Zijin Mining (2899) fell 3.46%, and Zijin Gold International (2259) dropped 3.15%; Zhaojin Mining (1818) and Shandong Gold (1787) also fell over 3%. China Silver Group (815) declined by 3.17%.

CK Hutchison Holdings (001) fell 1.89%, at HKD 62.3. The company announced after the market closed yesterday that it had notified Panama regarding the port dispute under the investment protection treaty and invited the country for consultations, actively seeking a resolution. CK Hutchison also notified Maersk, which is willing to take over its two ports, that such actions would cause damage to CK Hutchison and trigger legal action; it also warned third parties against colluding in any illegal activities regarding the operations of the two container terminals.

Wynn Macau (1128) reported a 7.45% drop in adjusted property EBITDAR for the last quarter, with its stock opening down 0.98%.

Regarding the northbound capital flow, on Thursday, net purchases of Hong Kong stocks amounted to HKD 456,700. Tencent (700), Xiaomi (1810), and Meituan (3690) saw net purchases of HKD 1.429 billion, HKD 1.02 billion, and HKD 985 million, respectively; WuXi AppTec (2269), Zijin Mining (2899), and Pop Mart (9992) experienced net sales of HKD 392 million, HKD 346 million, and HKD 301 million, respectively