Hang Seng Index Slips as Early Gains Fade

The Hang Seng Index edged down 0.1%, to 24,449 on Monday, reversing its early gains after opening 0.6% higher, as weakness in selected heavyweight stocks offset a recovery in technology shares. Sentiment initially improved following a rebound in Asian equities after last week's AI-led sell-off, with technology and semiconductor stocks advancing. Alibaba, Tencent and Baidu were among the early gainers, while Chinese AI and chip-related stocks also benefited from renewed buying interest. However, gains were limited by a sharp decline in Meituan, which fell more than 5% following a broker downgrade, alongside continued weakness in mainland property and domestic consumption stocks. Meanwhile, stronger US employment data reinforced expectations of tighter Federal Reserve policy, adding to investor caution. Overall, profit-taking and stock-specific weakness erased the benchmark's early advance, leaving the index marginally lower at the close.