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<H Shrs>HSI Climbs 150 Pts Midday; Chip, Gold-related Stocks Sag; Oil, CN Bank Stocks Rally
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More details of trade agreements between China and the US were announced, involving the suspension of rare earth export controls, leading to a mixed performance in Hong Kong stocks. The HSI, with midday volatility of 155 points, closed up 150 points or 0.6% at 26,057. The HSCEI added 62 points or 0.7% to 9,231. The HSTECH dipped 14 points or 0.24% to 5,893. The total market turnover for the half-day was HKD132.1 billion. The White House stated that China will terminate investigations into companies like NVIDIA (NVDA.US), leading to declines in chip stocks SMIC (00981.HK) and HUA HONG SEMI (01347.HK) by 4.1% and 4.4%. Among other techs, TENCENT (00700.HK) and BABA-W (09988.HK) sank 0.6% and 1.5%. JD-SW (09618.HK) lost 0.2%. MEITUAN-W (03690.HK), BIDU-SW (09888.HK), KUAISHOU-W (01024.HK), and BILIBILI-W (09626.HK) grew less than 1%. NTES-S (09999.HK) lifted 1.2%, and XIAOMI-W (01810.HK) spiked 3.5%. In financial stocks, HSBC HOLDINGS (00005.HK) closed flat at HKD108.1. HKEX (00388.HK) edged up 0.2%. AIA (01299.HK) swelled 4%. The four major Chinese banks, CCB (00939.HK), ICBC (01398.HK), BANK OF CHINA (03988.HK), and ABC (01288.HK), mounted 1.9-3.1%. Brokers CITIC SEC (06030.HK), CICC (03908.HK), and HTSC (06886.HK) sagged over 2%. With the implementation of new gold tax policies in mainland China, gold jewelry retail stocks LAOPU GOLD (06181.HK), CHOW TAI FOOK (01929.HK), CHOW SANG SANG (00116.HK), and LUK FOOK HOLD (00590.HK) plunged 7-8.4%. Gold miners ZHAOJIN MINING (01818.HK) and SD GOLD (01787.HK) faded 1.9%. CHINAGOLDINTL (02099.HK) and ZIJIN MINING (02899.HK) slid 3.2%. OPEC+ decided to suspend production increases starting next year, shoring up oil stocks CNOOC (00883.HK) and PETROCHINA (00857.HK) by 3.2% and 2.7%. AASTOCKS Financial News Website: www.aastocks.com |
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