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<H Shrs>HSI Opens 57 Pts Lower as BABA-W, BIDU-SW Muted; LONGFOR GROUP Subdued
Recommend 3 Positive 1 Negative 4 |
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The Nasdaq Golden Dragon China Index sagged over 2% overnight (7th), with Alibaba and Baidu ADRs plunging 3% and 4%, respectively, leading to a lower opening for Hong Kong bourse. The HSI opened 57 points or 0.2% lower at 26,900; the HSCEI opened 9 points or 0.1% lower at 9,564; and the HSTECH opened 6 points or 0.1% lower at 6,543. In the tech sector, BABA-W (09988.HK) and BIDU-SW (09888.HK) opened 1.3% and 1.7% lower. TENCENT (00700.HK) opened 0.4% higher at HKD680. NTES-S (09999.HK) opened 0.9% higher. MEITUAN-W (03690.HK), JD-SW (09618.HK), KUAISHOU-W (01024.HK), and BILIBILI-W (09626.HK) opened 0.5-0.7% lower. XIAOMI-W (01810.HK) Chairman Lei Jun remarked that the debut sales of the Xiaomi 17 series beat, with XIAOMI-W opening flat at HKD53.85. Besides, JD HEALTH (06618.HK) opened 3.3% higher. Chip equipment stock ASMPT (00522.HK) opened 3.6% higher, while chip makers SMIC (00981.HK) and HUA HONG SEMI (01347.HK) opened 0.1% and 0.7% lower. The China Association of Automobile Manufacturers (CAAM) indicated that the intensity of price cuts and promotions by auto manufacturers waned, and it was projected that sales this quarter will climb by 5-10% YoY. Automakers BYD COMPANY-100 (01211.HK) opened flat at HKD108.1, while LI AUTO-W (02015.HK) and NIO-SW (09866.HK) opened 0.5% and 1.4% lower, and XPENG-W (09868.HK) opened 2.1% higher. Property sales in Shanghai, Guangzhou, and Shenzhen reportedly spiked during the National Day/ Mid-Autumn Festival holidays, with Chinese property developer CHINA OVERSEAS (00688.HK) opening flat at HKD13.96, LONGFOR GROUP (00960.HK) opening 8.4% lower, and CHINA RES LAND (01109.HK) opening 1% higher. AASTOCKS Financial News Website: www.aastocks.com |
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