The Hang Seng TECH Index, which tracks the 30 largest technology companies trading in the city, including Alibaba (SLIME) – It briefly jumped 2.2% in initial trade and at one point was one of the best in the region. But then it changed course and fell 1.4%.
The debut of the index comes a week after the compiler of the Hang Seng Indexes announced its creation. HSI at the time noted that the technology sector has become increasingly important in Hong Kong as companies that include Alibaba (SLIME), JD.com (JD) and NetEase (NTES) – all of whom trade in New York – have had secondary listings in Hong Kong in recent months. And Ant Group, the company behind China’s mobile payments business Alipay, announced last week that it had chosen Hong Kong and Shanghai for its initial public offering.
The new index is the “Nasdaq of the East, “Citi analysts wrote in a note last week. They added that” high-quality “Chinese tech companies are likely to be attracted to Hong Kong.
Stocks in other parts of the region were mixed. South Korea Kospi (KOSPI) advanced 1.2%, while China Shanghai compound (SHCOMP) scored 0.1%. But the Hong Kong landmark Hang seng (HSI) down 0.1%, and Japan Nikkei (N225) lost 0.3%.
Investors continue to monitor the progress of the coronavirus pandemic worldwide, along with tensions between the United States and China. The U.S. consulate in Chengdu closed Monday after Beijing ordered it to shut down. Last week, the United States government abruptly ordered the closure of the Chinese consulate in Houston, Texas.
Gold prices soared to a record high, surpassing $ 1,933 per ounce as investors searched for safe assets amid geopolitical uncertainty.
However, US stocks can still book a positive day on Monday. Futures for him Dow (INDU), Nasdaq (COMP) and S&P 500 (SPX) all rose at least 0.5%.
.
