HK Stock Market Move | The collective decline of technology stocks drags down the Hang Seng Technology Index by nearly 3%. Institutions say concerns about overvaluation of tech stocks continue to ferment.

The science and technology stocks on the board collectively fell in the last trading session, dragging down the Hang Seng Technology Index by nearly 3%. As for individual stocks, as of the writing, BABA-W (09988) fell by 4.44% to HK$154.7, and Tencent (00700) fell by 1.75% to HK$644.5. On the news front, several officials from the Federal Reserve made hawkish statements, expressing concerns about inflation uncertainty and adopting a cautious stance on future rate cuts, causing market expectations for a rate cut in December to fall below 50%. Guosen International released a research report stating that market expectations for a rate cut by the Federal Reserve in December have decreased, and investor worries about overvaluation in technology stocks continue to grow. Guosen previously stated that as major US tech companies continue to release their third-quarter earnings reports, the role of AI in Internet giants' advertising businesses, cloud computing scenarios, and corporate efficiency remains evident. Companies are still maintaining active investment efforts, but the market is gradually paying more attention to the ROI performance behind the massive CAPEX. In addition, Ant's investment in Yao Chai has not yet met the completion conditions, and the final deadline may be extended.