Hong Kong’s stock market opened lower and continued its downward trajectory on June 2, with the Hang Seng Tech Index briefly falling more than 3% during the morning session. By midday, the benchmark Hang Seng Index had dropped 2.2%, while the tech-heavy Hang Seng Tech Index declined 2.43%.
Sector Performance Highlights
The automotive sector showed broad weakness, with notable declines among major Chinese EV makers:
- Li Auto fell 4.19%
- NIO dropped 3.56%
- BYD Company declined 3.21%
- XPeng decreased 2.88%
Property stocks also remained under pressure, with:
- New World Development and Country Garden Holdings both sliding over 7%
- China Vanke dropping 6.63%
Bright Spots in Market Downturn
Cryptocurrency-related stocks bucked the trend with significant gains:
- Lianlian Digital surged 62.67%
- OKG Technology Holdings jumped 35.15%
- New Huo Technology Holdings advanced 7.87%
Gold miners also showed resilience against the market downturn:
- Tongguan Gold climbed 10.94%
- Chifeng Gold and Shandong Gold both rose more than 1%
Market Context
The broad market decline reflects ongoing investor concerns about China’s economic recovery and global tech sector volatility. The contrasting performance of cryptocurrency and gold-related stocks suggests investors may be seeking alternative assets amid the market turbulence.
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