The Economic Information Daily reported on the 12th that U.S. President Trump announced on Sunday that Russia and Ukraine have agreed to immediately implement an "energy ceasefire." Zelenskyy responded by stating Ukraine supports the arrangement, while emphasizing that Russia must also comply. Additionally, Washington and Moscow have reached an agreement allowing Russia to export diesel. Trump said the related diesel will enter the global market starting this month, totaling approximately 13.5 million barrels. With inflationary pressures easing ahead of the U.S. midterm elections, the Hang Seng Index opened 223 points higher, led by tech stocks. However, AI hardware and auto stocks weighed, narrowing the half-day gain of the Hong Kong market to 42 points, closing at 24,253, with main board turnover nearing HK$86.2 billion. The Hang Seng China Enterprises Index closed at 8,149, up 2 points or less than 0.1%. The Hang Seng Tech Index closed at 4,174, down 23 points or 0.6%. Northbound funds recorded a half-day net inflow of HK$3.1 billion.
Geopolitical tensions showed signs of improvement ahead of the U.S. midterm elections, with tech stocks initially rising then weakening. Alibaba (09988) rose 1.5%, closing at HK$108.6, Tencent (00700) rose 0.52%, closing at HK$427, JD.com (09618) rose 0.28%, closing at HK$105.9, while Baidu (09888) reversed to fall 0.9%, closing at HK$82.25.
The EU and China have finally reached an agreement on hybrid vehicle exports, under which China will limit the number of vehicles exported to the EU to avoid punitive tariffs from the EU. The EU expects Chinese hybrid vehicle exports to decrease by more than half. Auto stocks diverged: Xiaomi (01810) dropped 4.85%, closing at HK$24.7, BYD (01211) fell 2.18%, closing at HK$73.95, XPeng (09868) declined 0.89%, closing at HK$38, NIO (09866) fell 0.52%, closing at HK$26.96, Chery Automobile (09973) rose 0.17%, closing at HK$23.7, while Leapmotor (09863) gained 3.97%, closing at HK$36.18.
AI hardware stocks continued to be sold off for consecutive days: Hua Hong Semiconductor (01347) dropped 4.44%, closing at HK$90.35, Lenovo Group (00992) fell 0.67%, closing at HK$32.62, Kingboard Laminates (01888) declined 2.08%, closing at HK$47.98, Yangtze Optical Fibre & Cable (06869) fell 4.28%, closing at HK$161.1, Zhongji Xuchuang (03308) dropped 4.26%, closing at HK$933.
CATL (03750) was upgraded by Morgan Stanley for its counter-cyclical resilience, with its share price rising 2.46% to HK$503.5. Ganfeng Lithium (01772) was under pressure this week, falling 6.26% to HK$28.14.
Lao Feng Huang Gold (06181) led declines in Hong Kong stocks, plunging 6.94% to HK$313.6, while Orient Overseas (00316) rose 3.99% to HK$159.1, NetEase (09999) gained 2.95% to HK$199.2.
Tecsun (00179) expects its mid-term profit to decline by up to 62% with no revenue growth, resulting in a half-day plunge of 17.85% to HK$13.9.
The top three most actively traded stocks in the Hang Seng Index, the Hang Seng Tech Index, and the Hang Seng China Enterprises Index were Tencent, Alibaba, and Xiaomi respectively. (ey)
Geopolitical tensions showed signs of improvement ahead of the U.S. midterm elections, with tech stocks initially rising then weakening. Alibaba (09988) rose 1.5%, closing at HK$108.6, Tencent (00700) rose 0.52%, closing at HK$427, JD.com (09618) rose 0.28%, closing at HK$105.9, while Baidu (09888) reversed to fall 0.9%, closing at HK$82.25.
The EU and China have finally reached an agreement on hybrid vehicle exports, under which China will limit the number of vehicles exported to the EU to avoid punitive tariffs from the EU. The EU expects Chinese hybrid vehicle exports to decrease by more than half. Auto stocks diverged: Xiaomi (01810) dropped 4.85%, closing at HK$24.7, BYD (01211) fell 2.18%, closing at HK$73.95, XPeng (09868) declined 0.89%, closing at HK$38, NIO (09866) fell 0.52%, closing at HK$26.96, Chery Automobile (09973) rose 0.17%, closing at HK$23.7, while Leapmotor (09863) gained 3.97%, closing at HK$36.18.
AI hardware stocks continued to be sold off for consecutive days: Hua Hong Semiconductor (01347) dropped 4.44%, closing at HK$90.35, Lenovo Group (00992) fell 0.67%, closing at HK$32.62, Kingboard Laminates (01888) declined 2.08%, closing at HK$47.98, Yangtze Optical Fibre & Cable (06869) fell 4.28%, closing at HK$161.1, Zhongji Xuchuang (03308) dropped 4.26%, closing at HK$933.
CATL (03750) was upgraded by Morgan Stanley for its counter-cyclical resilience, with its share price rising 2.46% to HK$503.5. Ganfeng Lithium (01772) was under pressure this week, falling 6.26% to HK$28.14.
Lao Feng Huang Gold (06181) led declines in Hong Kong stocks, plunging 6.94% to HK$313.6, while Orient Overseas (00316) rose 3.99% to HK$159.1, NetEase (09999) gained 2.95% to HK$199.2.
Tecsun (00179) expects its mid-term profit to decline by up to 62% with no revenue growth, resulting in a half-day plunge of 17.85% to HK$13.9.
The top three most actively traded stocks in the Hang Seng Index, the Hang Seng Tech Index, and the Hang Seng China Enterprises Index were Tencent, Alibaba, and Xiaomi respectively. (ey)
