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<H Shrs>HSI Slides 287Pts at Midday; BABA-W, BIDU-SW Ebb; GEELY AUTO Yet Up
Recommend 5 Positive 13 Negative 2 |
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Following a more than 2% slump in the Nasdaq Golden Dragon China Index overnight on October 7, with Alibaba and Baidu ADRs declining 3% and 4%, respectively, Hong Kong bourse started lower on Wednesday, October 8. The HSI dipped 57 points at the open and extended losses, diving as much as 440 points to 26,517. By midday, it ended down 287 points, or 1.1%, at 26,699. The HSCEI shed 99 points, or 1%, to 9,473. The HSTECH lost 71 points, or 1.1%, to 6,478. Morning turnover reached HKD106.594 billion. In the tech sector, BABA-W (09988.HK) and BIDU-SW (09888.HK) fell off 3% and 3.4%, respectively. TENCENT (00700.HK) lost 0.5% to HKD674. NTES-S (09999.HK) bucked the market trend, rising 1.1%. MEITUAN-W (03690.HK), JD-SW (09618.HK), KUAISHOU-W (01024.HK), and BILIBILI-W (09626.HK) eroded 1.6-2.7%. XIAOMI-W (01810.HK) shrank 0.2% despite Chairman Lei Jun announcing that the Xiaomi 17 series’ debut sales were well above forecast. Separately, GDS-SW (09698.HK) slumped 6.8%. KINGDEE INT'L (00268.HK), KINGSOFT CLOUD (03896.HK), and WEIMOB INC (02013.HK) slid over 3%. Handset component stocks Q TECH (01478.HK) and LENS (06613.HK) tumbled 4% and 4.7%, respectively. In the chip sector, SMIC (00981.HK) dropped 1.2%. HUA HONG SEMI (01347.HK) drifted higher by 1.2%. PC manufacturer LENOVO GROUP (00992.HK) mounted 2.9%. Robotics firm YUNJI (02670.HK) debuted in Hong Kong, but robotics-related stocks DOBOT (02432.HK) and UBTECH ROBOTICS (09880.HK) cratered 1.6% and 3.5%, respectively. The China Association of Automobile Manufacturers (CAAM) noted a reduction in automakers’ price-cutting promotions, forecasting 5-10% YoY sales growth for the current quarter. Autos jumbled. GEELY AUTO (00175.HK) leaped 2.9%, while XPENG-W (09868.HK), BYD COMPANY-100 (01211.HK), and GWMOTOR (02333.HK) gained between 1.7% and 1.8%. Battery maker CATL (03750.HK) decreased 1.8%, and intelligent driving radar system provider HESAI-W (02525.HK) plunged 4.8%. AAStocks Financial News |
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