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<H Shrs>HSI Slips 225 Pts at Close; XPENG-W Spikes 15%; CN Developers & Insurers Retreat
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After opening 246 points higher, the HSI peaked at 21,355 with a rise of 402 points at one point in the early session. It then ebbed back, once slipping 248 points to as low as 20,705, eventually closing the day down 225 points, or 1.1%, at 20,728. The HSCEI fell 85 points, or 1.1%, to close at 7,461. The HSTECH slipped 9 points, or 0.2%, closing at 4,668. The total market turnover for the day was $233.096 billion. HSBC lowered the HKD Best Lending Rate by 25 bps to 5.375%. HSBC HOLDINGS (00005.HK) sagged 1.3%. The rate cut failed to stimulate developer stocks, with NEW WORLD DEV (00017.HK) and HANG LUNG PPT (00101.HK) declining 1.6% and 2.2%. The first AI car, "Xpeng P7+", received over 10,000 orders within 12 minutes of launch. XPENG-W (09868.HK) spiked 14.7%. Among other car stocks, GEELY AUTO (00175.HK) and NIO-SW (09866.HK) hiked 2.8% and 3.7%. SMIC (00981.HK) reported a 58% growth in 3Q net profit, elevating its stock price by 1.1%. Meanwhile, NTES-S (09999.HK) stated that the anti-corruption investigation into NetEase Games is still ongoing, and that its anti-corruption efforts have never stopped. Its stock price plunged 5.6%. BABA-W (09988.HK) and TENCENT (00700.HK) waned 1.7% and 1.8%. MEITUAN-W (03690.HK) shed 4.1%. XIAOMI-W (01810.HK) and BILIBILI-W (09626.HK) advanced 1.6% and 2.6%. JD-SW (09618.HK) and KUAISHOU-W (01024.HK) grew 1.1% and 1%. BIDU-SW (09888.HK) edged down 0.9%. Chinese developers retreated across the board. SUNAC (01918.HK) and CIFI HOLD GP (00884.HK) plummeted 9.4% and 7.7%. SEAZEN (01030.HK), LONGFOR GROUP (00960.HK), and CHINA JINMAO (00817.HK) tumbled over 4%. CHINA VANKE (02202.HK), AGILE GROUP (03383.HK), GREENTOWN CHINA (03900.HK), and KWG GROUP (01813.HK) cratered 4-4.9%. Chinese insurers CPIC (02601.HK), ZA ONLINE (06060.HK), PING AN (02318.HK), and CHINA TAIPING (00966.HK) lost 3-3.8%. AAStocks Financial News |
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