“With tech stocks facing a risk-off sentiment as rates continued to rally last night, this volatility would have influenced Horizon Robotics,” said Mohit Mirpuri, a fund manager at Singapore-based SGMC Capital Pte. “Early profit-taking also played a role, as investors locked in gains from the sharp opening rise.”
Shares of Horizon Robotics rose in their trading debut in Hong Kong on Thursday, though the initial listing euphoria was marred by a broader selloff in technology shares.
The stock soared almost 38% over its issue price of HK$3.99 in early trading, before cutting the bulk of its gain to finish just 2.8% higher. Market watchers attributed the move to profit-taking by some investors following the strong opening surge as well as to broad weakness in tech stocks in Hong Kong, where the Hang Seng Tech Index slid 2.6%.
