<Economic Information Daily News, 5th exclusive> With northbound trading closed, Hong Kong stocks were extremely quiet. Today's main board turnover was only HK$98.1 billion, the lowest intraday turnover since June 21, 2023. The last time intraday turnover fell below HK$100 billion was on September 16, 2024. Overseas, U.S. non-farm employment data came in weaker than expected, sharply reducing the probability of a rate hike this month. However, high bond yields in Europe and the U.S. remain unresolved, preventing Hong Kong stocks from rebounding smoothly on Monday. The Hang Seng Index fell over 100 points in early trading, but market conditions improved slightly in the afternoon. The index closed above 24,000 at 24,040, up 68 points or 0.3%. The Hang Seng China Enterprises Index closed at 8,051, up 21 points or 0.3%. The Hang Seng Tech Index closed at 4,183, up 25 points or 0.6%.
Some tech and internet stocks were soft in early trading, with individual performances in the afternoon. Alibaba (09988) rose 0.96% to HK$105.40, while Tencent (00700) gained 0.43% to HK$423, both helping the market to recover. JD.com (09618) fell 0.49% to HK$102.40, Meituan (03690) rose 0.64% to HK$70.65, Kuaishou (01024) dropped 0.27% to HK$29.50, and Xiaomi (01810) declined 1.49% to HK$23.88.
NVIDIA's market value approached a record high of nearly $6 trillion, driving AI hardware stocks to outperform in a sluggish market. Lenovo Group (00992) led the blue chips with a 4.66% rise to HK$35.92. Hua Hong Semiconductor (01347) gained 4.27% to HK$110. Among non-blue chips, Kingboard Laminate (01888) surged 11.94% to HK$55.30, Sunway Technology (02476) rose 5.69% to HK$206.20, Montage Technology (06809) advanced 5.25% to HK$304.80, Zhongji Innolight (03308) climbed 3.64% to HK$1,111, and Yangtze Optical Fibre & Cable (06869) increased 2.17% to HK$179.10.
Rumors that the UK government plans to impose a windfall tax on banks continue to affect bank stocks. HSBC (00005) traded erratically, hitting a three-month low during the session, but reversed to close up 0.27% at HK$149.90, just short of HK$150. Standard Chartered (02888) fell 0.52% to HK$228.60. AIA (01299) dropped 0.36% to HK$68.95.
MTR Corporation (00066) was fined HK$2.25 billion due to delays in high-speed rail construction, causing its share price to plunge 3.41%, the worst among blue chips, closing at HK$30.60 and falling below the 250-day moving average for the first time in over a year and a half.
Despite cooling expectations of a U.S. rate hike this month, property stocks continued to decline. Henderson Land (00012) fell 1.85% to HK$25.50, Sun Hung Kai Properties (00016) dropped 0.94% to HK$105, CK Asset (01113) declined 1.18% to HK$45.36, and New World Development (00017), despite rumors of a new white knight, still fell 2.06% to HK$5.70.
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 Tech Index were Tencent, Alibaba, and Xiaomi. (ey)
Some tech and internet stocks were soft in early trading, with individual performances in the afternoon. Alibaba (09988) rose 0.96% to HK$105.40, while Tencent (00700) gained 0.43% to HK$423, both helping the market to recover. JD.com (09618) fell 0.49% to HK$102.40, Meituan (03690) rose 0.64% to HK$70.65, Kuaishou (01024) dropped 0.27% to HK$29.50, and Xiaomi (01810) declined 1.49% to HK$23.88.
NVIDIA's market value approached a record high of nearly $6 trillion, driving AI hardware stocks to outperform in a sluggish market. Lenovo Group (00992) led the blue chips with a 4.66% rise to HK$35.92. Hua Hong Semiconductor (01347) gained 4.27% to HK$110. Among non-blue chips, Kingboard Laminate (01888) surged 11.94% to HK$55.30, Sunway Technology (02476) rose 5.69% to HK$206.20, Montage Technology (06809) advanced 5.25% to HK$304.80, Zhongji Innolight (03308) climbed 3.64% to HK$1,111, and Yangtze Optical Fibre & Cable (06869) increased 2.17% to HK$179.10.
Rumors that the UK government plans to impose a windfall tax on banks continue to affect bank stocks. HSBC (00005) traded erratically, hitting a three-month low during the session, but reversed to close up 0.27% at HK$149.90, just short of HK$150. Standard Chartered (02888) fell 0.52% to HK$228.60. AIA (01299) dropped 0.36% to HK$68.95.
MTR Corporation (00066) was fined HK$2.25 billion due to delays in high-speed rail construction, causing its share price to plunge 3.41%, the worst among blue chips, closing at HK$30.60 and falling below the 250-day moving average for the first time in over a year and a half.
Despite cooling expectations of a U.S. rate hike this month, property stocks continued to decline. Henderson Land (00012) fell 1.85% to HK$25.50, Sun Hung Kai Properties (00016) dropped 0.94% to HK$105, CK Asset (01113) declined 1.18% to HK$45.36, and New World Development (00017), despite rumors of a new white knight, still fell 2.06% to HK$5.70.
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 Tech Index were Tencent, Alibaba, and Xiaomi. (ey)
