ETN News, 23rd - US stocks weakened on Thursday, with AI-related stocks falling due to financing concerns, dragging the Nasdaq down sharply by 2.6%. After a volatile session, the Hong Kong market recovered, with the Hang Seng Index breaking above 23,000 at the open. However, as AI-related stocks weakened and the Shanghai Composite Index briefly fell below 3,600, Hong Kong stocks quickly retreated below the psychological level. Nevertheless, during the session, Xiaomi (01810) and the broader consumer sector lifted the market, allowing Hong Kong stocks to close the morning session above 23,000, ending at 23,066, up 132 points or 0.6%. The Hang Seng China Enterprises Index stood at 7,760, up 71 points or 0.9%. The Hang Seng Tech Index closed at 3,826, up 32 points or 0.9%. Board turnover exceeded HK$125.6 billion, although northbound funds continued to exit, with net outflows totaling HK$7.1 billion in the morning session.
Meta's 5-year credit default swap (CDS) spread rose to a record high on Thursday, indicating growing investor concerns about its credit risk as the company continues to expand its AI spending. The stock plunged 7% at closing. Ongoing concerns about AI financing led to selling pressure on tech and internet stocks. Alibaba (09988) fell 0.46% to HK$96.90, Tencent (00700) dropped 0.47% to HK$380.60, Baidu (09888) declined 0.33% to HK$74.85, Meituan (03690) slipped 0.21% to HK$71.15, while Kuaishou (01024) rose 1.05% to HK$27.06.
AI hardware-related stocks declined, with Lenovo Group (00992) leading losses among blue chips, down 3.28% to HK$22.40. Hua Hong Semiconductor (01347) fell 2.7% to HK$64.75, Kingboard Laminate (01888) dropped 0.81% to HK$36.52, GDS Holdings (09698) declined 1.83% to HK$21.44, and Yangtze Optical Fibre & Cable (06869) fell 1.81% to HK$108.70.
With the launch of Double 11, the consumer sector surged unexpectedly. Xiaomi rose 5.04%, leading the blue chips higher, closing at HK$27.10. Shenzhou International (02313) gained 4.85% to HK$37.18, Anta Sports (02020) rose 4.04% to HK$75.95, Nongfu Spring (09633) climbed 3.84% to HK$41.60, Mengniu Dairy (02319) advanced 3.53% to HK$18.76, and Li Ning (02331) rose 2.89% to HK$12.81.
Auto stocks also performed well. BYD (01211) surged 4.45% to HK$70.40, Li Auto (02015) rose 4.15% to HK$45.18, XPeng (09868) gained 2.43% to HK$36.18, and Leapmotor (09863) advanced 1.14% to HK$33.80. Meanwhile, CATL (03750) halted its losing streak, rebounding 4.43% in the morning session to HK$353.40.
Gold prices held near the $4,000 per ounce level, pressuring retail gold stocks. Chow Tai Fook (01929) fell 2.92% to HK$10.63, while Lao Pui Gold (06181) declined 1.13% to HK$281. Gold mining stocks initially dropped but later stabilized: Zijin Mining (02899) fell 0.14% to HK$29.06, Lingbao Gold (03330) dropped 2.19% to HK$16.55, and Zhaojin Mining (01818) declined 0.79% to HK$16.24.
The top three traded stocks by volume in the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent, Alibaba, and Xiaomi, respectively. (ey)
Meta's 5-year credit default swap (CDS) spread rose to a record high on Thursday, indicating growing investor concerns about its credit risk as the company continues to expand its AI spending. The stock plunged 7% at closing. Ongoing concerns about AI financing led to selling pressure on tech and internet stocks. Alibaba (09988) fell 0.46% to HK$96.90, Tencent (00700) dropped 0.47% to HK$380.60, Baidu (09888) declined 0.33% to HK$74.85, Meituan (03690) slipped 0.21% to HK$71.15, while Kuaishou (01024) rose 1.05% to HK$27.06.
AI hardware-related stocks declined, with Lenovo Group (00992) leading losses among blue chips, down 3.28% to HK$22.40. Hua Hong Semiconductor (01347) fell 2.7% to HK$64.75, Kingboard Laminate (01888) dropped 0.81% to HK$36.52, GDS Holdings (09698) declined 1.83% to HK$21.44, and Yangtze Optical Fibre & Cable (06869) fell 1.81% to HK$108.70.
With the launch of Double 11, the consumer sector surged unexpectedly. Xiaomi rose 5.04%, leading the blue chips higher, closing at HK$27.10. Shenzhou International (02313) gained 4.85% to HK$37.18, Anta Sports (02020) rose 4.04% to HK$75.95, Nongfu Spring (09633) climbed 3.84% to HK$41.60, Mengniu Dairy (02319) advanced 3.53% to HK$18.76, and Li Ning (02331) rose 2.89% to HK$12.81.
Auto stocks also performed well. BYD (01211) surged 4.45% to HK$70.40, Li Auto (02015) rose 4.15% to HK$45.18, XPeng (09868) gained 2.43% to HK$36.18, and Leapmotor (09863) advanced 1.14% to HK$33.80. Meanwhile, CATL (03750) halted its losing streak, rebounding 4.43% in the morning session to HK$353.40.
Gold prices held near the $4,000 per ounce level, pressuring retail gold stocks. Chow Tai Fook (01929) fell 2.92% to HK$10.63, while Lao Pui Gold (06181) declined 1.13% to HK$281. Gold mining stocks initially dropped but later stabilized: Zijin Mining (02899) fell 0.14% to HK$29.06, Lingbao Gold (03330) dropped 2.19% to HK$16.55, and Zhaojin Mining (01818) declined 0.79% to HK$16.24.
The top three traded stocks by volume in the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent, Alibaba, and Xiaomi, respectively. (ey)
