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<H Shrs>HSI Closes Down 71 pts as Consumers, CN Developers Weaken; SUNAC Sinks 14%
Recommend 8 Positive 6 Negative 8 |
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The HSI slid 71 points or 0.4% to close at 19,688. The HSCEI ebbed 23 points or 0.3% to close at 7,135. The HSTECH dropped 8 points or 0.2% to close at 4,395. Total market turnover for the day amounted to $121.635 billion. Tesla (TSLA.US) rebounded 8%, while car makers NIO-SW (09866.HK) and XPENG-W (09868.HK) leaped 4% and 3.4%. GEELY AUTO (00175.HK) added 0.1% after Geely Holding CEO Daniel Li revealed a sales target of over 5 million vehicle by 2027. Consumers weakened. YUM CHINA (09987.HK) and NONGFU SPRING (09633.HK) also slipped over 3%, while MAOYAN ENT (01896.HK), TOPSPORTS (06110.HK) and CR BEVERAGE (02460.HK) stumbled 4.7% to 5.3%. POP MART (09992.HK) descended 6.1%. Morgan Stanley released a research report saying that price cuts on some of the company's products triggered profit-taking earlier. Morgan Stanley cut its earnings forecasts for JD LOGISTICS (02618.HK), sinking JD LOGISTICS' share price by 6.1%. Although the People's Bank of China announced stronger efforts to revitalize existing commercial properties and stock land to stabilize the property market, some Chinese developers still caved under pressure. SUNAC (01918.HK) collapsed 14.4%, while SINO-OCEAN GP (03377.HK) shrank 7.9%. AGILE GROUP (03383.HK), SHIMAO GROUP (00813.HK) and KWG GROUP (01813.HK) slumped 5.7-6.3%, while R&F PROPERTIES (02777.HK) and GREENTOWN CHINA (03900.HK) cascaded over 4%. Chinese manager CHINA RES MIXC (01209.HK) lost 2.3%. AAStocks Financial News |
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