ETN News, October 2: Long-term U.S. bond yields surged despite further dovish comments from Federal Reserve officials, increasing the probability of no rate hike this month to 75%. However, Hong Kong stocks resumed trading today without support from northbound funds. Financial and tech stocks, two major weightings, plunged over 500 points at the opening, briefly breaking below 24,000 within minutes. The market failed to recover during the session. Only three Hang Seng Index constituents rose by midday. The Hang Seng Index closed the morning session at 23,964, down 648 points or 2.6%, hitting a low of 23,865—the lowest since July 8. The Hang Seng China Enterprises Index stood at 8,026, down 193 points or 2.4%. The Hang Seng Tech Index was at 4,149, down 104 points or 2.4%. With mainland investors on holiday for the National Day break, northbound trading suspended, turnover on the main board reached nearly HK$84 billion in the morning session.
The U.S. 10-year Treasury yield briefly surpassed 5.3%, triggering broad selling in tech and internet stocks. Xiaomi (01810) plunged 4.52% to HK$24.10, Alibaba (09988) fell 2.25% to HK$104.20, Tencent (00700) declined 2.09% to HK$422, Baidu (09888) dropped 3.09% to HK$83.15, Meituan (03690) slid 2.16% to HK$70.15, and JD.com (09618) lost 2.01% to HK$102.20. Financial stocks were also volatile: HSBC (00005) tumbled 4.87% to HK$150.30, briefly falling below HK$150, Standard Chartered (02888) dropped 5.65% to HK$230.60, Bank of China (Hong Kong) (02388) declined 2.78% to HK$50.80, and AIA (01299) slumped 5.64% to HK$69.45.
Mainland-favored biotech stocks also declined. BeiGene (06160) fell 6.3%, the worst performer among blue chips, to HK$211.20. Innovent Biologics (01801) dropped 3.93% to HK$94.20, and WuXi Biologics (02269) fell 3.57% to HK$54.05.
Mainland automakers released September sales figures, with mixed share price reactions. BYD (01211) fell 2.31% to HK$73.85, Li Auto (02015) dropped 4.66% to HK$42.94, XPeng (09868) declined 4.28% to HK$36.24, Geely Automobile (00175) rose 0.62% to HK$14.64, and Leapmotor (09863) fell 0.7% to HK$33.98.
Macau's Gaming Inspection and Coordination Bureau reported that September gross gaming revenue reached MOP 18.06 billion, down 1.2% year-on-year, missing market expectations of a 2.2% increase, marking four consecutive months of decline. Galaxy Entertainment (00027) fell 5.95% to HK$29.74, and Sands China (01928) dropped 4.39% to HK$11.33.
New World Development (00017) announced its annual results and simultaneously revealed it has entered into an early termination sublease agreement with the Airport Authority, returning the entire 11 SKIES project to the Authority on April 1 next year and paying a total early termination fee of HK$2.3 billion, resulting in a net loss of approximately HK$18.3 billion, already reflected in its financial results for the year ended June 30. New World rose initially before turning lower, closing the morning session down 2.98% at HK$5.87.
Weichai Power (02338) rose 1.32% to HK$29.10, making it the best-performing blue chip in the morning session.
The top three most actively traded stocks in the Hang Seng Index were Tencent, Alibaba, and AIA. The top three in the China Enterprises Index and the Tech Index were Tencent, Alibaba, and Xiaomi. (ey)
The U.S. 10-year Treasury yield briefly surpassed 5.3%, triggering broad selling in tech and internet stocks. Xiaomi (01810) plunged 4.52% to HK$24.10, Alibaba (09988) fell 2.25% to HK$104.20, Tencent (00700) declined 2.09% to HK$422, Baidu (09888) dropped 3.09% to HK$83.15, Meituan (03690) slid 2.16% to HK$70.15, and JD.com (09618) lost 2.01% to HK$102.20. Financial stocks were also volatile: HSBC (00005) tumbled 4.87% to HK$150.30, briefly falling below HK$150, Standard Chartered (02888) dropped 5.65% to HK$230.60, Bank of China (Hong Kong) (02388) declined 2.78% to HK$50.80, and AIA (01299) slumped 5.64% to HK$69.45.
Mainland-favored biotech stocks also declined. BeiGene (06160) fell 6.3%, the worst performer among blue chips, to HK$211.20. Innovent Biologics (01801) dropped 3.93% to HK$94.20, and WuXi Biologics (02269) fell 3.57% to HK$54.05.
Mainland automakers released September sales figures, with mixed share price reactions. BYD (01211) fell 2.31% to HK$73.85, Li Auto (02015) dropped 4.66% to HK$42.94, XPeng (09868) declined 4.28% to HK$36.24, Geely Automobile (00175) rose 0.62% to HK$14.64, and Leapmotor (09863) fell 0.7% to HK$33.98.
Macau's Gaming Inspection and Coordination Bureau reported that September gross gaming revenue reached MOP 18.06 billion, down 1.2% year-on-year, missing market expectations of a 2.2% increase, marking four consecutive months of decline. Galaxy Entertainment (00027) fell 5.95% to HK$29.74, and Sands China (01928) dropped 4.39% to HK$11.33.
New World Development (00017) announced its annual results and simultaneously revealed it has entered into an early termination sublease agreement with the Airport Authority, returning the entire 11 SKIES project to the Authority on April 1 next year and paying a total early termination fee of HK$2.3 billion, resulting in a net loss of approximately HK$18.3 billion, already reflected in its financial results for the year ended June 30. New World rose initially before turning lower, closing the morning session down 2.98% at HK$5.87.
Weichai Power (02338) rose 1.32% to HK$29.10, making it the best-performing blue chip in the morning session.
The top three most actively traded stocks in the Hang Seng Index were Tencent, Alibaba, and AIA. The top three in the China Enterprises Index and the Tech Index were Tencent, Alibaba, and Xiaomi. (ey)
