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<H Shrs>HSI Closes Down 894 Pts or 3.5% as Insurers/ Gold & Silver Miners/ Commodities Stocks Drop
Recommend 3 Positive 5 Negative 6 |
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The HSI lost 894 points or 3.5% to close at 24,382. The HSCEI dropped 266 points or 3.1% to close at 8,307. The HSTECH faded 159 points or 3.3% to close at 4,712. Total market turnover for the day amounted to $368.677 billion. Gold and silver futures fell significantly, putting pressure on gold and silver miners. CHINAGOLDINTL (02099.HK) stumbled 5.1%, while SD GOLD (01787.HK) and CHI SILVER GP (00815.HK) dipped over 8%. LINGBAO GOLD (03330.HK) plummeted 12.4%. ZIJIN MINING (02899.HK) reported a 62% increase in net profit last year with plans to acquire controlling power in CHIFENG GOLD (06693.HK) through acquisition of A shares and subscription of new H shares, involving nearly RMB18.3 billion. ZIJIN MINING cratered 5%, while CHIFENG GOLD collapsed over 25%. Same series ZIJIN GOLD INTL (02259.HK) shrank 3.5%. Gold jewelry retailers LAOPU GOLD (06181.HK) and LUK FOOK HOLD (00590.HK) descended 8.6% and 7.3%, while CHOW TAI FOOK (01929.HK) slumped 4.7%. Resource stocks JIANGXI COPPER (00358.HK), MMG (01208.HK), CHALCO (02600.HK) and CMOC (03993.HK) eroded 4.7-6.3%, while CHINAHONGQIAO (01378.HK)'s 2025 net profit rose 1.2%, missing expectations, dragging down its share price by 8.1%. For financials, HSBC HOLDINGS (00005.HK), STANCHART (02888.HK) and HKEX (00388.HK) receded 3.4-4.5%, while AIA (01299.HK) dove 7.8%. PING AN (02318.HK)'s Ping An Bank recorded a profit decline of 4.2% last year, denting its share price by 6.9%. Chinese insurers CHINA TAIPING (00966.HK), NCI (01336.HK) and CHINA LIFE (02628.HK) plunged 6.6-7.6%, while PICC GROUP (01339.HK) and CPIC (02601.HK) receded 5% and 4.9%. Brokers GF SEC (01776.HK), CITIC SEC (06030.HK), CSC (06066.HK) and CGS (06881.HK) drifted 5.8-6.6% lower. AAStocks Financial News Website: www.aastocks.com |
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