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HSI Below 17,000 after Midday, Logging 3-mth Low; MEITUAN Slips 6%+; HK Mkt Outshines
Recommend 367 Positive 166 Negative 432 |
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Major stock markets in the Asia Pacific region tumbled across the board today (25th) amid elevating risk aversion. Nikkei 225 Stock Average closed down 1,285 pts or 3.3%. Hong Kong bourse continued the downtrend of the past two days, sinking below the 17,000 mark after midday, down 335 pts at one point, hitting a three-month low of 16,975. The HSI last reported at 17,010, a further slip of 300 pts or about 1.7%, with a turnover of $79.096 billion. MEITUAN-W (03690.HK) plunged 6.2%, being the biggest loser among blue chips, closing at $106.3, an almost two-month low, with turnover of $4.182 billion. Other heavyweight internet/ technology equipment stocks declined in line with the external pressure, with LENOVO GROUP (00992.HK), TRIP.COM-S (09961.HK) and TENCENT (00700.HK) each dived about 3%-3.7%. BIDU-SW (09888.HK), XIAOMI-W (01810.HK) and LI AUTO-W (02015.HK) fell off 1.9%-2.6%. KUAISHOU-W (01024.HK), BILIBILI-W (09626.HK) and JD-SW (09618.HK) each sank about 1%. BABA-SW (09988.HK) dipped 0.6%. The commodity sector was under hefty selling pressure, with the three oils PETROCHINA (00857.HK) and CNOOC (00883.HK) diving 3.4%-4.2%, and SINOPEC CORP (00386.HK) losing 1.4%. ZIJIN MINING (02899.HK) stumbled 5.7%. CHINA SHENHUA (01088.HK) plummeted 3%. CHINAHONGQIAO (01378.HK) faded 1.4%. Shares of “Valuation System with Chinese Characteristics (VSCC)” were subdued. Among the three major Chinese telecoms, CHINA MOBILE (00941.HK) eroded 1.3%. CHINA TELECOM (00728.HK) plunged nearly 3%. CHINA UNICOM (00762.HK) collapsed 4.8%. Many major Chinese banks lowered their deposit interest rates. CM BANK (03968.HK) cascaded 3.3%. CCB (00939.HK), ICBC (01398.HK) and BANK OF CHINA (03988.HK) inched down 0.6%-0.9%. Citi released a report, expecting that the net profit of CMB in 2Q will be lower than expected, making it difficult to justify the valuation premium. HSBC HOLDINGS (00005.HK) edged down 0.5%. AIA (01299.HK) and HKEX (00388.HK) dropped more than 1% each. CHINA LIFE (02628.HK) sagged 2.6%. AAStocks Financial News |
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