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<H Shrs>HSI Declines 326 pts at Close; BABA & NTES Retreat, as CN Homebuilders Dive
Hong Kong stocks retreated, dragged by technology and mainland property stocks. HSI declined 326 points or 1.7% to close at 18,868. HSCEI dropped 115 points or 1.7% to close at 6,7...
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<H Shrs>HSI Declines 326 pts at Close; BABA & NTES Retreat, as CN Homebuilders Dive
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Hong Kong stocks retreated, dragged by technology and mainland property stocks. HSI declined 326 points or 1.7% to close at 18,868. HSCEI dropped 115 points or 1.7% to close at 6,701. HSTECH descended 96 points or 2.4% to close at 3,896. Turnover for the whole day was $129.935 billion.

The market is concerned that BABA-SW (09988.HK)  -0.300 (-0.412%)    Short selling $347.11M; Ratio 13.551%   may issue convertible bonds, and BABA shares expanded the decline late in the day, plummeting 5.2% to close at $78.65. The launch time of NTES-S (09999.HK)  +1.100 (+0.763%)    Short selling $13.08M; Ratio 4.311%   's “Naraka Bladepoint Mobile" game is also under concern, while Morgan Stanley also downgraded the company's rating. NTES shares crashed 7.9%. KUAISHOU-W (01024.HK)  +0.600 (+1.178%)    Short selling $252.00M; Ratio 18.767%   's 1Q24 non-GAAP net profit rocketed 103x, far beating expectations, with plans to spend $16 billion on buybacks. KUAISHOU shares lifted 1.7%.

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KINGSOFT (03888.HK)  -1.400 (-5.283%)    Short selling $32.83M; Ratio 18.349%   logged 48% growth in 1Q24 net profit, and its share rose 1.4%. GDS-SW (09698.HK)  -0.080 (-0.914%)    Short selling $1.14M; Ratio 4.731%   narrowed its net loss in 1Q24, but its share price still cratered 11.8%. Jefferies commented that the 1Q results of GDS were slightly weaker than expected, and lack of catalysts may lead to profit-taking activities by the market. LENOVO GROUP (00992.HK)  -0.040 (-0.372%)    Short selling $257.07M; Ratio 43.647%   saw its quarterly net profit soar more than 100%, but its shares closed down 0.9% for the day despite an afternoon rally.

For other tech stocks, TENCENT (00700.HK)  +1.400 (+0.369%)    Short selling $1.13B; Ratio 19.440%   and MEITUAN-W (03690.HK)  +2.100 (+1.831%)    Short selling $668.70M; Ratio 19.931%   waned 0.7% and 0.9%, BIDU-SW (09888.HK)  -0.950 (-1.037%)    Short selling $128.08M; Ratio 15.420%   , BILIBILI-W (09626.HK)  +0.500 (+0.427%)    Short selling $90.28M; Ratio 24.116%   and XIAOMI-W (01810.HK)  +0.020 (+0.116%)    Short selling $280.64M; Ratio 25.869%   decreased 1.7% to 2.6%, and JD-SW (09618.HK)  -0.800 (-0.702%)    Short selling $356.14M; Ratio 28.324%   faltered 4.1%. CHINASOFT INT'L (00354.HK)  -0.130 (-2.928%)    Short selling $11.28M; Ratio 10.520%   and KINGSOFT CLOUD (03896.HK)  -0.030 (-1.911%)    Short selling $4.74M; Ratio 24.434%   retreated 4% and 5.3%.

Chinese property stocks continued to recede. AGILE GROUP (03383.HK)  -0.040 (-7.018%)    Short selling $765.16K; Ratio 6.223%   crashed 8.5%, SUNAC (01918.HK)  -0.080 (-6.349%)    Short selling $6.65M; Ratio 4.203%   , CIFI HOLD GP (00884.HK)  -0.025 (-6.667%)    Short selling $68.25K; Ratio 0.199%   , SINO-OCEAN GP (03377.HK)  -0.040 (-8.081%)   and KWG GROUP (01813.HK)  -0.025 (-6.849%)   crumpled 5.7% to 6.9%, YUEXIU PROPERTY (00123.HK)  -0.210 (-3.571%)    Short selling $5.48M; Ratio 6.114%   , CHINA JINMAO (00817.HK)  -0.030 (-4.478%)    Short selling $2.36M; Ratio 12.527%   and R&F PROPERTIES (02777.HK)  -0.060 (-6.383%)    Short selling $417.06K; Ratio 2.178%   slumped over 4%. Building materials stocks CR BLDG MAT TEC (01313.HK)  -0.060 (-4.511%)    Short selling $325.78K; Ratio 2.315%   and CNBM (03323.HK)  -0.050 (-1.736%)    Short selling $7.10M; Ratio 12.930%   descended 5.6% and 4.3%.

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In financials, HSBC HOLDINGS (00005.HK)  +0.450 (+0.670%)    Short selling $320.63M; Ratio 37.917%   and AIA (01299.HK)  0.000 (0.000%)    Short selling $202.16M; Ratio 13.470%   fell 0.7% and 1%, while HKEX (00388.HK)  +1.800 (+0.699%)    Short selling $183.50M; Ratio 24.070%   and HANG SENG BANK (00011.HK)  +0.200 (+0.187%)    Short selling $26.04M; Ratio 21.254%   dropped 2.1% and 2.5%.

Metals and resources stocks declined after US Fed's interest rate meeting minutes showed that members were concerned about the lack of progress in the fall of inflation. CHI SILVER GP (00815.HK)  +0.005 (+1.667%)   and GANFENGLITHIUM (01772.HK)  -0.260 (-1.364%)    Short selling $27.82M; Ratio 37.291%   crashed 10% and 7.4%, while MMG (01208.HK)  -0.010 (-0.336%)    Short selling $13.41M; Ratio 14.748%   and TIANQI LITHIUM (09696.HK)  +0.300 (+1.174%)    Short selling $11.05M; Ratio 40.251%   tumbled 4.9% and 5%. JIANGXI COPPER (00358.HK)  -0.320 (-2.046%)    Short selling $23.53M; Ratio 22.889%   , SD GOLD (01787.HK)  -0.100 (-0.627%)    Short selling $6.01M; Ratio 15.370%   and ZIJIN MINING (02899.HK)  -0.220 (-1.330%)    Short selling $334.25M; Ratio 48.542%   also dropped more than 3%.

(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-17 16:25.)

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