<p>The Hang Seng Index opened 80 points lower this morning, continued to decline, and closed near its half-day low (25,117) at 25,138 points, down 490 points or 1.91%, with a turnover of HKD 107.1 billion. As for the Tech Index, it closed at 5,366 points, down 132 points or 2.41%.</p>
<h2>Only 4 of the 89 blue-chip stocks rose</h2>
<p>Among the 89 blue-chip stocks, only 4 rose, and all had gains of less than 1%, with 1 stock unchanged, while the rest were all in the red. Among the heavyweights, Alibaba (9988) fell 3.6% in the half-day, Xiaomi (1810) and AIA (1299) dropped 3% and 2.2% respectively, being the biggest drag on the Hang Seng Index.</p>
<p>In terms of stock price fluctuations, CHINAHONGQIAO (1378) plummeted 5.8%, making it the worst-performing blue-chip stock, while Zijin (2899), Stone Pharmaceutical (1093), and Xinyi Solar (968) also fell 4% or more, and China Life (2628) dropped 3.9%.</p>
<p>On the news front, the chances of Kevin Hassett, Director of the National Economic Council at the White House, succeeding as Federal Reserve Chairman have decreased, leading to uncertainty regarding interest rate cuts. Additionally, the mainland's announcement of &#34;three engines&#34; data was worse than market expectations, and the higher intention of investors to &#34;close shop&#34; at the end of the year has contributed to the weakness in Hong Kong stocks.</p>
<p>Apart from CHINAHONGQIAO and Zijin, the non-ferrous metals sector was also one of the hardest-hit areas in the half-day decline, with Lingbao Gold (3330) down over 6%, Shandong Gold (1787) down 5.1%, and China Aluminum (2600) down 4.9%. In fact, a report from JP Morgan pointed out that due to the severe overweight of gold and silver in the Bloomberg Commodity Index (BCOM), there may be a large amount of &#34;technical selling&#34; during the index rebalancing period in January next year, with the scale of futures selling expected to account for 9% and 3% of the total holdings of silver and gold respectively.</p>
<p>Related article: Gold and silver prices soaring may face &#34;aftereffects,&#34; with silver targets high at $100, but a large amount of selling is expected in January.</p>
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<p>The market is awaiting the U.S. to announce the non-farm payroll report that was delayed due to the government shutdown on Tuesday. Additionally, Kevin Hassett, seen as leaning towards significant interest rate cuts, has reportedly faced resistance from influential figures close to President Trump due to his close relationship with Trump, reducing his chances of succeeding as Federal Reserve Chairman.</p>
<h2>Bitcoin falls below $86,000</h2>
<p>With expectations for U.S. interest rate cuts cooling, the three major U.S. stock indices struggled to rebound on Monday. The Dow closed at 48,416 points, down 41 points or 0.09%; the S&amp;P 500 closed at 6,816 points, down 10 points or 0.16%; and the Nasdaq closed at 23,057 points, down 137 points or 0.59%. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, fell 2.17% to 7,582 points.</p>
<p>On the other hand, Bitcoin continues to be weak, recently falling below $86,000, currently reported at $85,944. Several cryptocurrency-related stocks fell on Monday, with CleanSpark (CLSK) down over 15%, Bitmine Immersion Technologies (BMNR) and IREN Ltd (IREN) also down over 11%, while Strategy (MSTR)
The index fell over 8%.</p>
<h2>The Hang Seng Index is expected to have narrow fluctuations before the end of the month</h2>
<p>In the Hong Kong stock market, the Hang Seng Index opened 80 points lower this morning, reporting at 25,547 points. Wu Li-xian, an international strategist at Everbright Securities, stated that market trading tends to be light towards the end of the year, and the Hong Kong stock market lacks upward momentum in the short term. It is expected that the Hong Kong stock market will have narrow fluctuations before the end of the month, moving within the range of 25,000 to 26,000 points.</p>
<p>The market continues to worry about the prospects of AI stocks, with tech stocks generally declining. Alibaba (9988) fell 1.1%; Tencent (700) fell 0.08%; Meituan (3690) fell 0.7%; JD.com (9618) and Xiaomi (1810) fell 0.3% and 1.3%, respectively; Baidu (9888) fell 1.5%.</p>
<h2>Yihua Technology plans to issue shares at a 15% discount</h2>
<p>In individual stock news, Zhongwei New Materials (2579) has been added to the list of eligible securities for the Hong Kong Stock Connect, opening at HKD 26.5, up 0.23%. Additionally, Yihua Technology (2402) plans to place 8.88 million new H shares, raising approximately HKD 200 million, equivalent to 3.7% of the expanded total issued share capital, with a placement price of HKD 22.68 per share, a 15% discount compared to the previous closing price of HKD 26.68. The stock opened at HKD 26.04, up 2.4%.</p>
<h2>GuoXia Technology's public offering oversubscribed nearly 1,890 times</h2>
<p>In new stock news, GuoXia Technology (2655) officially listed today, with its public offering recording nearly 1,890 times oversubscription, and a 10% chance of winning a lot. The international offering was oversubscribed more than 2 times. The stock opened at HKD 38, up 89%.</p>
<p>Regarding the northbound capital flow, there was a net purchase of HKD 3.654 billion in Hong Kong stocks yesterday, with Xiaomi (1810), Ping An Insurance (2318), and Meituan (3690) receiving net purchases of HKD 1.382 billion, HKD 1.19 billion, and HKD 548 million, respectively; while Tencent (700), Hua Hong Semiconductor (1347), and China Mobile (941) experienced net sales of HKD 774 million, HKD 555 million, and HKD 550 million, respectively</p>

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<p>The Hang Seng Index opened lower this morning and continued to decline, dropping 490 points or 1.91%, to 25,138 points. The Tech Index fell 132 points or 2.41%. Alibaba dropped 3.6%, Xiaomi fell 3%, and AIA decreased by 2.2%. China Hongqiao plummeted 5.8%, making it the worst-performing blue-chip stock. The unclear U.S. economic policy and poor economic data from the mainland have affected the performance of Hong Kong stocks. Non-ferrous metal stocks such as Lingbao Gold, Shandong Gold, and China Aluminum saw significant declines</p>

- The Hang Seng Index opened lower, closing at 25,138 points, down 490 points or 1.91%, with a trading volume of 107.1 billion HKD.  
- Major stocks like Alibaba and Xiaomi saw significant declines, contributing to the overall market weakness, influenced by unclear interest rate cuts and disappointing economic data from China.  
- Market analysts predict limited upward momentum for Hong Kong stocks, expecting fluctuations between 25,000 and 26,000 points until the end of the month.

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The Hang Seng Index opened lower and continued to decline, dropping 490 points in the first half of the day. Alibaba fell over 3%, and the non-ferrous metal stocks were sold off. | Hong Kong stock market opening