{Economic Information Agency, 21st} Crude oil prices retreated from a more than five-month high, and Dow Jones rose over 500 points overnight, coupled with strong SpaceX earnings, boosting stock markets in Japan and South Korea. Hong Kong stocks also rebounded this morning, briefly breaking above the 24,000 level. However, the losses widened for two blue-chip stocks after their earnings releases, and tech and internet stocks turned negative, dragging the Hang Seng Index from sustaining gains above round-number levels. In the afternoon, as Tencent (00700) fell below the HK$400 mark, the index's full-day decline expanded to 215 points, or 0.9%, closing at 23,651. The Hang Seng China Enterprises Index closed at 7,943, down 86 points or 1.1%. The Hang Seng Tech Index closed at 3,994, down 51 points or 1.3%. Board turnover reached nearly HK$176.6 billion, while northbound funds recorded net outflows exceeding HK$4.4 billion, marking the sixth consecutive trading day of net outflows.
Tech and internet stocks rose initially but then reversed, plunging deeper in the afternoon. Tencent (00700) fell 4.04% to HK$393.8, losing the HK$400 level for the first time since February last year, contributing 76 points to the Hang Seng Index's decline. Alibaba (09988) dropped 1.14% to HK$103.7, Baidu (09888) declined 1.15% to HK$77.7, Meituan (03690) fell 1.84% to HK$74.7, Kuaishou (01024) slumped 2.3% to HK$28.04, and Xiaomi (01810) also declined 0.96% to HK$26.8.
CATL (03750) reported a 14.5% year-on-year increase in third-quarter net profit but an 5.8% sequential decline, missing expectations. Revenue rose 58.6% year-on-year, also below market forecasts. After results, major brokerages cut its target price by about 10%. CATL's share price plunged 11.41% for the day to HK$364.8, breaking below the HK$400 level and hitting a new low since July last year, with six consecutive days of declines totaling a 26.27% drop. Peer BYD (01211) fell 3.39% to HK$71.15.
China Mobile (00941) dropped 3.66% to HK$77.55 after its earnings, marking three consecutive days of declines totaling a 4.26% drop. China Telecom (00728) fell 2.94% to HK$4.45, and China Unicom (00762) declined 3.59% to HK$5.37.
Pop Mart (09992) continued to be weighed down by speculation over tax rectification measures in mainland China, falling another 4.84% today to HK$129.8.
Lenovo Group (00992) rebounded 2.93% to HK$26, BeiGene (06160) rose 2.66% to HK$231.4, and Innovent Biologics (01801) gained 1.95% to HK$89.1.
The top three most actively traded stocks in the Hang Seng Index were Tencent, Alibaba, and CATL. The top three most actively traded stocks in the China Enterprises Index and the Tech Index were Tencent, Alibaba, and Xiaomi respectively. (ey)
Tech and internet stocks rose initially but then reversed, plunging deeper in the afternoon. Tencent (00700) fell 4.04% to HK$393.8, losing the HK$400 level for the first time since February last year, contributing 76 points to the Hang Seng Index's decline. Alibaba (09988) dropped 1.14% to HK$103.7, Baidu (09888) declined 1.15% to HK$77.7, Meituan (03690) fell 1.84% to HK$74.7, Kuaishou (01024) slumped 2.3% to HK$28.04, and Xiaomi (01810) also declined 0.96% to HK$26.8.
CATL (03750) reported a 14.5% year-on-year increase in third-quarter net profit but an 5.8% sequential decline, missing expectations. Revenue rose 58.6% year-on-year, also below market forecasts. After results, major brokerages cut its target price by about 10%. CATL's share price plunged 11.41% for the day to HK$364.8, breaking below the HK$400 level and hitting a new low since July last year, with six consecutive days of declines totaling a 26.27% drop. Peer BYD (01211) fell 3.39% to HK$71.15.
China Mobile (00941) dropped 3.66% to HK$77.55 after its earnings, marking three consecutive days of declines totaling a 4.26% drop. China Telecom (00728) fell 2.94% to HK$4.45, and China Unicom (00762) declined 3.59% to HK$5.37.
Pop Mart (09992) continued to be weighed down by speculation over tax rectification measures in mainland China, falling another 4.84% today to HK$129.8.
Lenovo Group (00992) rebounded 2.93% to HK$26, BeiGene (06160) rose 2.66% to HK$231.4, and Innovent Biologics (01801) gained 1.95% to HK$89.1.
The top three most actively traded stocks in the Hang Seng Index were Tencent, Alibaba, and CATL. The top three most actively traded stocks in the China Enterprises Index and the Tech Index were Tencent, Alibaba, and Xiaomi respectively. (ey)
