Invesco QQQ ETF slips in Hong Kong trading debut amid jitters around US tech giants
Invesco QQQ Trust, the world’s fifth-largest exchange-traded fund (ETF), which tracks US technology giants on Nasdaq, fell on the first day of trading in Hong Kong following recent market jitters stoked by the rise of Chinese start-up DeepSeek.
The ETF weakened 0.8 per cent to close at HK$4,016 (US$516.62) on Wednesday, according to stock exchange data, while the city’s benchmark and tech gauges rebounded by more than 3 per cent. The ETF had declined 1.3 per cent to US$513.32 in New York overnight, before recovering to about US$517 in recent trading.
The QQQ ETF tracks the Nasdaq-100 Index, which represents 100 of the biggest non-financial companies with a market capitalisation of almost US$1.4 trillion on December 31. The fund’s top holdings were Apple, Nvidia, Microsoft, Amazon.com, Alphabet, Meta Platforms, Tesla, Broadcom and Costco Wholesale.
“The performance reflects the Nasdaq [Composite] Index, which has been on a downward trend recently,” said Kenny Tang Sing-hing, chairman of the Hong Kong Institute of Financial Analysts and Professional Commentators.
The Nasdaq fell almost 5 per cent over the past five sessions, erasing almost all of this year’s advance. Meanwhile, Tang said the Hang Seng Tech Index should add to its 37 per cent advance this year, having gained US$75 billion in value in a rally propelled by DeepSeek’s breakthroughs in artificial intelligence.
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