Hong Kong stocks dip by midday as Chinese carmakers hit the brakes

Hong Kong stocks fell in the morning session, pressured by declines in mainland markets and US stock index futures.

The benchmark Hang Seng Index closed at 21,395 at midday, down 126 points or 0.6 percent, with the main board’s half-day turnover at HK$122.74 billion. The Hang Seng Tech Index dropped 1.6 percent to 5,204.

The Shanghai Composite Index went down 5 points to 3,316, while the Shenzhen Component Index dropped 47 points, or 0.44 percent, to 10,584.

Automobile stocks saw a mixed noontime performance, with XPeng (09868) dropping 7.16 percent and Geely Automobile (0175) tumbling 10.06 percent. The two carmakers experienced the largest decline by midday in the Tech Index and the HSI, respectively.