9th December 2025 - (Hong Kong) Hong Kong equities opened marginally higher before quickly turning lower on Tuesday, with losses widening in early dealings. The Hang Seng Index fell by as much as 207 points to an intraday low of 25,577. By around 10.33am, the decline had narrowed to 171 points, leaving the benchmark at 25,593, while the Hang Seng Tech Index lagged with a 1.12% drop. Major technology counters led the weakness, with Xiaomi (01810) down about 3%, Semiconductor Manufacturing International Corp (00981) off roughly 2.7%, and Baidu (09888) surrendering around 3.4% after gains the previous session.
Following a two-day rebound last Thursday and Friday, the market turned choppy again on Monday, with the Hang Seng appearing poised to test the month's low at 25,649. The index had opened 18 points lower at 26,067, briefly recovered to 26,151, then faded as buying interest ebbed and steady, piecemeal selling emerged, slipping to 25,755 before steadying. It ultimately closed Monday at 25,765, down 319 points, with total turnover of HK$206.2 billion.
The broader tone remains soft and range-bound. Provided the index can cling to the 26,000 area, near-term volatility may remain contained, though investors with heavy positions could see their holding power tested. From a wider perspective, the pullback from the 2nd October high of 27,381 found an interim floor at 25,145 on 17th October, and the index has not revisited or breached that level. This suggests the mid-cycle correction has been oscillating within a 2,236-point range, and until the benchmark decisively reclaims its key moving averages, the market is likely to remain in a mid-term corrective phase.
Compared with the same period last year, the current retracement is milder. The fourth-quarter 2024 correction ran from the 7th October peak of 23,241 to the 13th January trough of 18,671, a 4,570-point decline over 13 weeks. By contrast, this year's 2,236-point fall amounts to roughly 49% of last year's drop, indicating relatively stronger performance this season.
Sumber : dimsumdaily.hk
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