According to the Zhitong Finance APP, Hengke saw its afternoon decline expand by more than 5%, with all major technology stocks falling sharply. As of the time of publication, Alibaba-W (09988) dropped by 5.94%, closing at 98.95 Hong Kong dollars; Tencent (00700) fell by 5.09%, closing at 413.8 Hong Kong dollars.

On the news front, due to changes in market expectations for the Fed's interest rate cuts, the US dollar has continued to strengthen recently. Previously, the market had expected the Fed to cut rates by 50 basis points in November. However, a series of data including employment and inflation quickly cooled this expectation, with the probability of a 25 basis points rate cut by the Fed in November now rising to 95.6%. Analysts point out that if the Fed's rate cut weakens, the US dollar index will likely maintain its temporary strength.

Opensource Securities indicated that during the 2024 National Day holiday, the rise in Hong Kong stocks and Chinese concept stocks exceeded the expectations of most investors in terms of slope and trading volume, with funding initially forcing short positions followed by institutional allocation driving. After a rapid surge in the short term, there was a normal profit-taking adjustment; the mid-term financial reforms trend may continue; in the long term, it will take more than six months to validate the policy transformation and improvement in fundamental data. If the fundamental logic reverses and drives more active long-term capital inflows, the Hong Kong stock market still has considerable upside potential.