Exchange: Hong Kong opens -1.52%, Alibaba sinks -10.26%


BEIJING, NOV 19 – The Hong Kong Stock Exchange opens the session with heavy losses, discounting the plummet of technology stocks, starting with Alibaba which yesterday released disappointing quarterly data: the Hang Seng index fell 1.52%, to 24,934.40. The e-commerce giant plummeted to -10.26% early on, after July-September earnings fell 81% to 5.37 billion yuan ($ 833 million). The Hangzhou group founded by Jack Ma has revised its revenue target downwards due to the slowdown in the economy and the effects of the Beijing authorities’ squeeze on the technology sector. On Wall Street, Alibaba lost over 11%. (HANDLE).

(HANDLE)




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