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Market Performance: The HSI closed down 393 points (1.5%) at 25,235, with the HSCEI and HSTECH also experiencing declines of 1.8% and 1.7%, respectively, and a total market turnover of HKD201.528 billion.

Tech Sector Declines: Major tech stocks like BABA-W, TENCENT, and MEITUAN-W saw losses of 2.96%, 1.08%, and 1.38%, respectively, with significant short selling activity across the sector.

Chip and Telecom Stocks: Chip stocks SMIC and HUA HONG SEMI fell by 1.93% and 1.49%, while telecom equipment stock ZTE dropped by 3.95%, indicating a broader trend of declines in these sectors.

Carmakers and Commodity Stocks: Carmakers such as BYD and XIAOMI experienced losses over 2%, while commodity stocks like JIANGXI COPPER and CHALCO also dipped between 2.25% and 3.3%, reflecting sensitivity to interest rates.

Market Overview: The HSI fell 489 points (1.9%) to 25,139, with the HSCEI down 188 points (2.1%) and HSTECH dropping 132 points (2.4%), resulting in a total market turnover of HKD107.153 billion.

Tech Sector Performance: Major tech stocks like BABA-W, TENCENT, and MEITUAN-W experienced declines, with short selling ratios indicating significant market pressure.

Chip and Automotive Stocks: Chip manufacturers SMIC and HUA HONG SEMI saw losses of 3.6% and 2.8%, while carmakers BYD and LI AUTO also retreated, reflecting broader market trends.

Interest Rate Sensitivity: Stocks sensitive to interest rates, including commodity and insurance companies, faced significant declines, with some falling between 4.9% and 5.8%.