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<H Shrs>HSI Slumps 306 pts at Midday; Stablecoin-Concept Stocks Retreat; BYD COMPANY, NIO-SW Rally
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The HSI concluded the midday at 25,587, down 306 points or 1.2%. The HSCEI fell 64 points or 0.7% to 8,590. The HSTECH declined 47 points or 1% to 4,812. Half-day turnover totaled HKD115.341 billion. Oil stocks PETROCHINA (00857.HK) and CNOOC (00883.HK) rose 1.7% and 1.1%. Energy transportation stock COSCO SHIP ENGY (01138.HK) plunged 5.8%. Airline CHINA EAST AIR (00670.HK) plummeted 3.8%. CATHAY PAC AIR (00293.HK) dropped 3.1% after announcing flight cuts to cope with high oil prices. Casino stocks were also squeezed, with GALAXY ENT (00027.HK) and MELCO INT'L DEV (00200.HK) slipping 3.3% and 4.8%. The People's Daily reported that Chinese automobile production and sales surged 74.4% and 60.6% MoM in March. Looking ahead to 2Q26, the effects of policies such as the "Two New" initiatives will continue to be unleashed. The Beijing Auto Show will kick off a wave of new product launches, lifting market sentiment and auto consumption. Electric car makers BYD COMPANY (01211.HK) and NIO-SW (09866.HK) leaped 5.6% and 6.6%. William Li, NIO-SW's founder, expressed confidence in achieving a 40-50% increase in full-year deliveries. XIAOMI-W (01810.HK) eroded 1.4%. HSBC and a joint venture led by Standard Chartered were among the first to receive stablecoin issuer licenses from the Hong Kong Monetary Authority. HSBC HOLDINGS (00005.HK) and STANCHART (02888.HK) lost 1.6% and 3%. Other stablecoin-concept stocks were also under pressure. GUOTAI JUNAN I (01788.HK) dived 12%. ZA ONLINE (06060.HK) and HASHKEY HLDGS (03887.HK) cratered 7.4% and 9.6%. Among other financial stocks, HKEX (00388.HK) and AIA (01299.HK) slid 1.5% and 2.5%, while PICC GROUP (01339.HK) faded 3%. As for other tech giants, TENCENT (00700.HK), NTES-S (09999.HK), and BIDU-SW (09888.HK) shed 2.5-2.8%. BABA-W (09988.HK) and KUAISHOU-W (01024.HK) dipped 1.6%. MEITUAN-W (03690.HK) declined 2.1%. JD-SW (09618.HK) edged up 0.3%. MEITU (01357.HK), CHINA LIT (00772.HK), and WEIMOB INC (02013.HK) slumped 4.1-4.9%. Auto-translated by AI AASTOCKS Financial News |
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