The Economic Information Daily (20th) reported: The Philadelphia Semiconductor Index halted its eight-day losing streak, closing up 1.6% on Monday (19th), yet Hong Kong stocks resumed declines, with the semiconductor sector catching up on losses. Combined with falls in HSBC (00005), tech and mainland bank sectors, the HSI dropped below its 10-day moving average (around 25,263) right after market open, losing the 24,000 level and maintaining a decline of about 200 points to close the morning session at 23,956, down 229 points or 1%. Board turnover reached nearly HK$102.1 billion. The Hang Seng China Enterprises Index stood at 8,055, down 72 points or 0.9%. The Hang Seng Tech Index stood at 4,058, down 49 points or 1.2%.
Tech stocks were under pressure. Alibaba (09988) and Tencent (00700) accounted for nearly half of the HSI's decline. The former fell 3.12% to HK$105.4, while the latter dropped 1.68% to HK$410.8; Baidu (09888) declined 1.13% to HK$78.55, Meituan (03690) fell 0.66% to HK$75.2, and Kuaishou (01024) dropped 2.05% to HK$28.7.
The news of Britain's increased bank tax continued to reverberate, compounded by market concerns over instability in Europe triggered by unrest in France. HSBC (00005) fell 2.67% to HK$145.7, while Standard Chartered (02888) plunged 4.11% to HK$214.4.
China's third-quarter GDP growth of 4.5% met the lower limit of the official target, yet mainland bank stocks still declined. ICBC (01398) dropped 1.32% to HK$7.49, ABC (01288) fell 0.74% to HK$6.69, and CCB (00939) declined 0.56% to HK$9.81.
AI hardware sector stocks moved divergently. Lenovo Group (00992) fell 7.56% to HK$25.94, SMIC (00981) dropped 1.15% to HK$51.8, and Hua Hong Semiconductor (01347) declined 1.13% to HK$74.1. Meanwhile, Dongshan Precision (02384), which is currently conducting its IPO and has secured cornerstone investments from 20 institutions including Morgan Asset Management, saw Jian Tao CCL (01888) rise 4% to HK$41.06, Shenghong Technology (02476) surge 7.48% to HK$162.4, and Yangtze Optical Fibre & Cable (06869) climb 3.71% to HK$128.6.
Biotech stocks rose against the market trend. Hansoh Pharmaceutical (03692) gained 7.5% to HK$34.12, WuXi Biologics (02269) rose 5.5% to HK$50.85, China Bio-Pharmaceutical (01177) increased 2.76% to HK$5.395, and CSPC Pharmaceutical Group (01093) advanced 2.41% to HK$8.91.
Apple is scheduled to hold a launch event on October 28, where the first touchscreen Mac is expected to debut. Sunny Optical Technology (02382) rose 4.16% to HK$60.1.
Mainland China's total retail sales of consumer goods in September rose 1.1% year-on-year, better than the expected 0.6% increase and the highest level in six months. Nongfu Spring (09633) rose 2.28% to HK$42.14, Haidilao (06862) gained 2.08% to HK$9.56, Mengniu Dairy (02319) advanced 1.01% to HK$18.99, and Xiaomi (01810) rose 1.58% to HK$27.08.
The top three most actively traded stocks in the HSI and H-share index were Tencent, Alibaba, and Pop Mart (09992). Pop Mart closed at HK$137.7, down 3.2%, with turnover of HK$2.289 billion. The top three most actively traded stocks in the Tech Index were Tencent, Alibaba, and Lenovo Group. (ey)
Tech stocks were under pressure. Alibaba (09988) and Tencent (00700) accounted for nearly half of the HSI's decline. The former fell 3.12% to HK$105.4, while the latter dropped 1.68% to HK$410.8; Baidu (09888) declined 1.13% to HK$78.55, Meituan (03690) fell 0.66% to HK$75.2, and Kuaishou (01024) dropped 2.05% to HK$28.7.
The news of Britain's increased bank tax continued to reverberate, compounded by market concerns over instability in Europe triggered by unrest in France. HSBC (00005) fell 2.67% to HK$145.7, while Standard Chartered (02888) plunged 4.11% to HK$214.4.
China's third-quarter GDP growth of 4.5% met the lower limit of the official target, yet mainland bank stocks still declined. ICBC (01398) dropped 1.32% to HK$7.49, ABC (01288) fell 0.74% to HK$6.69, and CCB (00939) declined 0.56% to HK$9.81.
AI hardware sector stocks moved divergently. Lenovo Group (00992) fell 7.56% to HK$25.94, SMIC (00981) dropped 1.15% to HK$51.8, and Hua Hong Semiconductor (01347) declined 1.13% to HK$74.1. Meanwhile, Dongshan Precision (02384), which is currently conducting its IPO and has secured cornerstone investments from 20 institutions including Morgan Asset Management, saw Jian Tao CCL (01888) rise 4% to HK$41.06, Shenghong Technology (02476) surge 7.48% to HK$162.4, and Yangtze Optical Fibre & Cable (06869) climb 3.71% to HK$128.6.
Biotech stocks rose against the market trend. Hansoh Pharmaceutical (03692) gained 7.5% to HK$34.12, WuXi Biologics (02269) rose 5.5% to HK$50.85, China Bio-Pharmaceutical (01177) increased 2.76% to HK$5.395, and CSPC Pharmaceutical Group (01093) advanced 2.41% to HK$8.91.
Apple is scheduled to hold a launch event on October 28, where the first touchscreen Mac is expected to debut. Sunny Optical Technology (02382) rose 4.16% to HK$60.1.
Mainland China's total retail sales of consumer goods in September rose 1.1% year-on-year, better than the expected 0.6% increase and the highest level in six months. Nongfu Spring (09633) rose 2.28% to HK$42.14, Haidilao (06862) gained 2.08% to HK$9.56, Mengniu Dairy (02319) advanced 1.01% to HK$18.99, and Xiaomi (01810) rose 1.58% to HK$27.08.
The top three most actively traded stocks in the HSI and H-share index were Tencent, Alibaba, and Pop Mart (09992). Pop Mart closed at HK$137.7, down 3.2%, with turnover of HK$2.289 billion. The top three most actively traded stocks in the Tech Index were Tencent, Alibaba, and Lenovo Group. (ey)