Hong Kong Stocks Open Lower as Tech, Resources Weaken; Hang Seng Down 23 Points at Open

Hong Kong stocks opened lower this morning as U.S. rate concerns weighed on sentiment, with the Hang Seng Index dropping 23 points (0.1%) to 23,388 and the National Index falling 7 points (0.1%) to 7,757. The move follows weakness in U.S. equities overnight, where the Nasdaq and S&P 500 declined and the Hang Seng Tech Index, which tracks Chinese concept stocks, slipped 1.77%.

Tech stocks including Baidu, JD.com, Tencent, Alibaba, Xiaomi and Meituan fell between 0.1% and 2.1% at the open. Electronics stocks gained support from strong Micron earnings, with Sunny Optical, Lenovo and SMIC rising 3.1% to 5.5%. Resource stocks remained under pressure as spot gold fell below $4,000, with mining names including Luokung, Zijin Mining and Aluminum Corporation of China declining 3.1% to 3.3%.