FX.co ★ Hang Seng Erases Early Gains, Ends Slightly Lower

On Tuesday, the Hang Seng Index experienced a modest decline, dropping by 28 points or 0.1%, to close at 25,774, thereby ending a four-day winning streak. This downturn, primarily influenced by the tech sector, came after early gains. A significant contributor to this performance was the notable drop in Kuaishou Technology shares, which fell by 3.5% following reports of a cyberattack on the Chinese short-video platform, leading to a spike in explicit content. At its lowest, Kuaishou shares plummeted by 6%, marking the steepest single-day decline since October 14, before recovering slightly by the close. The company acknowledged the cyber breach on Monday night and promptly implemented its emergency response strategy. Despite these setbacks, positive movement in US futures, driven by a resurgence in tech stocks and burgeoning investor enthusiasm for AI-related investments, helped stabilize losses. Among other companies experiencing decreases were WuXi AppTec, China Unicom, Tencent Holdings, and JD Health International, all of which saw their shares fall by 2.0%, and Hansoh Pharmaceutical Group, which declined by 1.9%.