Hong Kong stocks continued their downward trend from the previous day. After opening 46 points lower this morning, the HSI rose 2 points but failed to hold steady. It bottomed at 20,740 with a slump of 352 points at one point. It last printed at 20,764, down 327 points or 1.6%, on a turnover of $96.034 billion.

As international oil prices were under pressure, the three major Chinese oils showed weakness. SINOPEC CORP (00386.HK)  -0.030 (-0.654%)    Short selling $85.11M; Ratio 15.216%   edged down 0.8%, while PETROCHINA (00857.HK)  -0.030 (-0.495%)    Short selling $52.50M; Ratio 9.098%   and CNOOC (00883.HK)  -0.140 (-0.735%)    Short selling $92.52M; Ratio 6.565%   waned 1.7-2%.

Related NewsMacquarie: Probability of CN Restriction on Polysilicon Production Based on Energy Efficiency Very Slim
XINYI SOLAR (00968.HK)  +0.610 (+16.992%)    Short selling $366.00M; Ratio 18.694%   hit as low as $3.28 this morning. It last printed at $3.31, down 5.7%, on a turnover of $185 million. JPMorgan released a report downgrading XINYI SOLAR's rating to Neutral and lowering the TP to $3.7 in the belief that an oversupply of solar glass may worsen and harm XINYI SOLAR in the future.

Heavyweight tech stocks were squeezed, dragging down the market. TENCENT (00700.HK)  -1.000 (-0.237%)    Short selling $415.57M; Ratio 8.241%   sagged 2.6%, on a turnover of $3.98 billion. BABA-W (09988.HK)  +1.200 (+1.275%)    Short selling $738.88M; Ratio 14.411%   shed 3% to $102, on a turnover of $2.968 billion. MEITUAN-W (03690.HK)  -2.100 (-1.123%)    Short selling $436.89M; Ratio 9.462%   once plunged 6.3% to as low as $172. It last printed at $174.5, down 5%, on a turnover of $5.297 billion. BIDU-SW (09888.HK)  +0.300 (+0.346%)    Short selling $50.79M; Ratio 11.102%   and TRIP.COM-S (09961.HK)  +2.400 (+0.499%)    Short selling $130.34M; Ratio 21.376%   slid 3.6-3.7%, while NTES-S (09999.HK)  +1.000 (+0.814%)    Short selling $97.70M; Ratio 11.086%   slipped 1.4%. XIAOMI-W (01810.HK)  +0.700 (+2.772%)    Short selling $737.86M; Ratio 15.347%   inched up 0.4% against the market.

CR BEVERAGE (02460.HK)  -0.060 (-0.398%)   , which owns the bottled water brand "C’estbon", started its IPO today, which is expected to raise about $4.726 billion. Consumer staples peers were subdued. CHINA RES BEER (00291.HK)  +0.550 (+1.868%)    Short selling $33.47M; Ratio 18.357%   last printed at $30.35, down 10.21%, on a volume of 15.8279 million shares and a turnover of $502 million. MENGNIU DAIRY (02319.HK)  +0.440 (+2.716%)    Short selling $43.75M; Ratio 14.971%   last traded at $16.62, down 4.59%, on a turnover of $224 million. NONGFU SPRING (09633.HK)  +0.300 (+1.029%)    Short selling $99.07M; Ratio 40.098%   also sank 3.5%, while TINGYI (00322.HK)  -0.220 (-1.846%)    Short selling $15.83M; Ratio 28.725%   rose 0.8%.

Related NewsUBS Expects HK Property Prices to Rebound Next Yr as Mainland Homebuyers' Interest Escalates
As Chief Executive John Lee will deliver a new Policy Address tomorrow (16th), the market is watching for further measures to support stable development in the property market. SHK PPT (00016.HK)  +1.450 (+1.733%)    Short selling $81.61M; Ratio 24.371%   hiked over 2% to $87.2. Expecting Hong Kong's residential rental CAGR to reach 5% by 2030, UBS upgraded SHK PPT to Buy and lifted the TP from $80 to $102. In addition, MTR CORPORATION (00066.HK)  0.000 (0.000%)    Short selling $13.97M; Ratio 36.086%   , CK ASSET (01113.HK)  +0.050 (+0.155%)    Short selling $10.06M; Ratio 9.687%   , HENDERSON LAND (00012.HK)  -0.150 (-0.584%)    Short selling $8.83M; Ratio 18.689%   , and NEW WORLD DEV (00017.HK)  +0.310 (+3.939%)    Short selling $26.25M; Ratio 30.997%   lost 0.5-1.5%, while SINO LAND (00083.HK)  -0.020 (-0.254%)    Short selling $19.98M; Ratio 29.322%   slightly grew 0.4%.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-10-25 16:25.)