The Economic Information Daily reported on the 14th that New York Fed President Williams reiterated his expectation of two rate hikes this year. U.S. stocks fell across the board on Tuesday (13th), as memory chip stocks were sold off and mixed earnings from major banks dragged the market lower. The Hang Seng Index opened lower, but technology and internet stocks strengthened during the session, lifting the index to rise nearly 180 points to 24,524 in the afternoon—breaking above the 20-day moving average (around 24,471) for the first time in half a month. However, selling pressure quickly emerged, and northbound funds turned into outflows. The Hong Kong market closed at 24,314, reversing to finish down 31 points or 0.1% on the day. The Hang Seng China Enterprises Index closed at 8,183, up 8 points or 0.1%. The Hang Seng Tech Index closed at 4,174, up 37 points or 0.9%. Total main board turnover reached HK$193.5 billion, failing to breach the HK$200 billion threshold, while Northbound Stock Connect recorded a net outflow of HK$135 million.
Individual tech and internet stocks posted notable gains, with Meituan (03690) leading the market higher, rising 6.64% to HK$77.10. Alibaba (09988) gained 3.08% to HK$110.50, Baidu (09888) rose 0.49% to HK$82.05, and JD.com (09618) advanced 1.14% to HK$106.10. Tencent (00700) completed its offshore bond issuance raising a total of US$5.7 billion, with two U.S. dollar bond tranches priced above 6%, but its share price underperformed other tech peers, falling 0.42% to HK$423.40. Apple (US.AAPL) launched its HomeView smart home display and the new Apple TV 4K on Tuesday, while Xiaomi Group (01810), promoting its closed-loop 'smart home-vehicle-life' ecosystem, was also favored by investors, closing up 5.35% at HK$26.38.
Akeso (09926) initiated a placement, causing its share price to drop 9.62% to HK$94.90. Additionally, BioNTech's cancer mRNA therapy trial failed to meet clinical endpoints, leading to broad selloff in biotech stocks. Innovent Biologics (01801) plunged 4.19% to HK$88.10, Sino Biopharmaceutical (01177) fell 3.46% to HK$5.165, BeiGene (06160) declined 2.33% to HK$209.40, and CSPC Pharmaceutical Group (01093) dropped 2.81% to HK$8.81.
The Shanghai Composite Index fell below 3,800, while the Shenzhen Component Index dropped nearly 2%. Chinese financial stocks were unstable, with Agricultural Bank of China (01288) down 2.23% at HK$6.57, China Construction Bank (00939) falling 1.05% to HK$9.855, Bank of China (03988) down 1.04% at HK$6.20, Industrial and Commercial Bank of China (01398) slipping 0.85% to HK$7.57, China Life (02628) dropping 2.65% to HK$24.94, and Ping An Insurance (02318) sliding 1.46% to HK$50.60.
Hong Kong banking stocks also declined, with HSBC (00005) down 1.79% at HK$148.00, Standard Chartered (02888) falling 3.48% to HK$221.80, Bank of China (Hong Kong) (02388) down 2.58% at HK$50.90, and Bank of East Asia (00023) dropping 1.78% to HK$18.19.
In mainland China, the national consumer price index rose 0.9% year-on-year in September, an increase of 0.1 percentage points from August and the highest since June this year, though slightly below the market expectation of 1%. In the same month, mainland China's imports reached US$313.65 billion, up 31% year-on-year, significantly surpassing the expected growth of 24.5%. Consumer stocks rallied, with China Mengniu Dairy (02319) up 3.58% at HK$18.82, Anta Sports (02020) rising 2.9% to HK$74.55, Tingyi (Cayman Islands) Holding (00322) gaining 1.99% to HK$12.29, Haidilao (06862) up 1.88% at HK$9.475, Budweiser APAC (01876) climbing 1.46% to HK$5.92, and Li-Ning (02331) rising 1.36% to HK$12.70.
Longfor (00960) fell 4.15% to HK$4.85; CATL (03750) dropped 3.75% to HK$467.
The top three most actively traded stocks in the HSI, H-share Index, and Tech Index were Alibaba, Tencent, and Xiaomi respectively. (ey)
Individual tech and internet stocks posted notable gains, with Meituan (03690) leading the market higher, rising 6.64% to HK$77.10. Alibaba (09988) gained 3.08% to HK$110.50, Baidu (09888) rose 0.49% to HK$82.05, and JD.com (09618) advanced 1.14% to HK$106.10. Tencent (00700) completed its offshore bond issuance raising a total of US$5.7 billion, with two U.S. dollar bond tranches priced above 6%, but its share price underperformed other tech peers, falling 0.42% to HK$423.40. Apple (US.AAPL) launched its HomeView smart home display and the new Apple TV 4K on Tuesday, while Xiaomi Group (01810), promoting its closed-loop 'smart home-vehicle-life' ecosystem, was also favored by investors, closing up 5.35% at HK$26.38.
Akeso (09926) initiated a placement, causing its share price to drop 9.62% to HK$94.90. Additionally, BioNTech's cancer mRNA therapy trial failed to meet clinical endpoints, leading to broad selloff in biotech stocks. Innovent Biologics (01801) plunged 4.19% to HK$88.10, Sino Biopharmaceutical (01177) fell 3.46% to HK$5.165, BeiGene (06160) declined 2.33% to HK$209.40, and CSPC Pharmaceutical Group (01093) dropped 2.81% to HK$8.81.
The Shanghai Composite Index fell below 3,800, while the Shenzhen Component Index dropped nearly 2%. Chinese financial stocks were unstable, with Agricultural Bank of China (01288) down 2.23% at HK$6.57, China Construction Bank (00939) falling 1.05% to HK$9.855, Bank of China (03988) down 1.04% at HK$6.20, Industrial and Commercial Bank of China (01398) slipping 0.85% to HK$7.57, China Life (02628) dropping 2.65% to HK$24.94, and Ping An Insurance (02318) sliding 1.46% to HK$50.60.
Hong Kong banking stocks also declined, with HSBC (00005) down 1.79% at HK$148.00, Standard Chartered (02888) falling 3.48% to HK$221.80, Bank of China (Hong Kong) (02388) down 2.58% at HK$50.90, and Bank of East Asia (00023) dropping 1.78% to HK$18.19.
In mainland China, the national consumer price index rose 0.9% year-on-year in September, an increase of 0.1 percentage points from August and the highest since June this year, though slightly below the market expectation of 1%. In the same month, mainland China's imports reached US$313.65 billion, up 31% year-on-year, significantly surpassing the expected growth of 24.5%. Consumer stocks rallied, with China Mengniu Dairy (02319) up 3.58% at HK$18.82, Anta Sports (02020) rising 2.9% to HK$74.55, Tingyi (Cayman Islands) Holding (00322) gaining 1.99% to HK$12.29, Haidilao (06862) up 1.88% at HK$9.475, Budweiser APAC (01876) climbing 1.46% to HK$5.92, and Li-Ning (02331) rising 1.36% to HK$12.70.
Longfor (00960) fell 4.15% to HK$4.85; CATL (03750) dropped 3.75% to HK$467.
The top three most actively traded stocks in the HSI, H-share Index, and Tech Index were Alibaba, Tencent, and Xiaomi respectively. (ey)