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<H Shrs>HSI Dives 498 Pts at Midday; Commodity Stocks Plunge; CSPC PHARMA Dives 12%+
Recommend 2 Positive 2 Negative 4 |
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The market kept tabs on US President Donald Trump's announcement of the Fed Chair nominee, with the DXY rising. Hong Kong bourse sagged in the morning session. The HSI opened 182 points lower, and extended its decline, slumping 536 points at one point to bottom at 27,431, closing the morning session down 498 points or 1.8% at 27,469. The HSCEI dipped 198 points or 2.3% to 9,333. The HSTECH shed 105 points or 1.8% to 5,735. The total market turnover for the morning session was HKD165.343 billion. Gold prices ebbed over 3% to the USD5,200 level. SD GOLD (01787.HK) and ZIJIN GOLD INTL (02259.HK) plunged 13% and 10%, respectively. ZHAOJIN MINING (01818.HK), CHINAGOLDINTL (02099.HK), and ZIJIN MINING (02899.HK) fell off 8.6-8.9%. Zijin Mining announced the issuance of USD1.5 billion in CBs. LINGBAO GOLD (03330.HK) and CHI SILVER GP (00815.HK) tumbled 6.6% and 5.3%, respectively. In the resources sector, JIANGXI COPPER (00358.HK), MMG (01208.HK), and CHINAHONGQIAO (01378.HK) plummeted 7.5-9%. CHALCO (02600.HK) and CMOC (03993.HK) cratered 6.7% and 6.6%, with Chalco investing over RMB4.2 billion in a joint acquisition with Rio Tinto of a stake in a Companhia Brasileira de Aluminio S.A.. Among oil producers, CNOOC (00883.HK) and CHINA OILFIELD (02883.HK) slid 2.9% and 3.8%. In the pharmaceutical sector, CSPC PHARMA (01093.HK) partnered with AstraZeneca to develop innovative drugs, receiving an upfront payment of over HKD9.3 billion, but its stock price collapsed 12.5%. DUALITYBIO-B (09606.HK), WUXI XDC (02268.HK), and WUXI APPTEC (02359.HK) skydived 3.2-3.9%. The Panama's Supreme Court ruled that contracts for two local ports were unconstitutional, weighing down on CKH HOLDINGS (00001.HK) by 4.4%. There were market rumors that NEW WORLD DEV (00017.HK) may undergo a potential change of ownership, with Blackstone (BX.US) negotiating to become the largest single shareholder. NEW WORLD DEV’s controlling shareholder confirmed being approached by investors, and NEW WORLD DEV shot up 3.7%. AASTOCKS Financial News Website: www.aastocks.com |
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