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<H Shrs>HSI Declines 326 pts at Close; BABA & NTES Retreat, as CN Homebuilders Dive
Recommend 123 Positive 202 Negative 128 |
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Hong Kong stocks retreated, dragged by technology and mainland property stocks. HSI declined 326 points or 1.7% to close at 18,868. HSCEI dropped 115 points or 1.7% to close at 6,701. HSTECH descended 96 points or 2.4% to close at 3,896. Turnover for the whole day was $129.935 billion. The market is concerned that BABA-SW (09988.HK) may issue convertible bonds, and BABA shares expanded the decline late in the day, plummeting 5.2% to close at $78.65. The launch time of NTES-S (09999.HK)'s “Naraka Bladepoint Mobile" game is also under concern, while Morgan Stanley also downgraded the company's rating. NTES shares crashed 7.9%. KUAISHOU-W (01024.HK)'s 1Q24 non-GAAP net profit rocketed 103x, far beating expectations, with plans to spend $16 billion on buybacks. KUAISHOU shares lifted 1.7%. KINGSOFT (03888.HK) logged 48% growth in 1Q24 net profit, and its share rose 1.4%. GDS-SW (09698.HK) narrowed its net loss in 1Q24, but its share price still cratered 11.8%. Jefferies commented that the 1Q results of GDS were slightly weaker than expected, and lack of catalysts may lead to profit-taking activities by the market. LENOVO GROUP (00992.HK) saw its quarterly net profit soar more than 100%, but its shares closed down 0.9% for the day despite an afternoon rally. For other tech stocks, TENCENT (00700.HK) and MEITUAN-W (03690.HK) waned 0.7% and 0.9%, BIDU-SW (09888.HK), BILIBILI-W (09626.HK) and XIAOMI-W (01810.HK) decreased 1.7% to 2.6%, and JD-SW (09618.HK) faltered 4.1%. CHINASOFT INT'L (00354.HK) and KINGSOFT CLOUD (03896.HK) retreated 4% and 5.3%. Chinese property stocks continued to recede. AGILE GROUP (03383.HK) crashed 8.5%, SUNAC (01918.HK), CIFI HOLD GP (00884.HK), SINO-OCEAN GP (03377.HK) and KWG GROUP (01813.HK) crumpled 5.7% to 6.9%, YUEXIU PROPERTY (00123.HK), CHINA JINMAO (00817.HK) and R&F PROPERTIES (02777.HK) slumped over 4%. Building materials stocks CR BLDG MAT TEC (01313.HK) and CNBM (03323.HK) descended 5.6% and 4.3%. In financials, HSBC HOLDINGS (00005.HK) and AIA (01299.HK) fell 0.7% and 1%, while HKEX (00388.HK) and HANG SENG BANK (00011.HK) dropped 2.1% and 2.5%. Metals and resources stocks declined after US Fed's interest rate meeting minutes showed that members were concerned about the lack of progress in the fall of inflation. CHI SILVER GP (00815.HK) and GANFENGLITHIUM (01772.HK) crashed 10% and 7.4%, while MMG (01208.HK) and TIANQI LITHIUM (09696.HK) tumbled 4.9% and 5%. JIANGXI COPPER (00358.HK), SD GOLD (01787.HK) and ZIJIN MINING (02899.HK) also dropped more than 3%. AAStocks Financial News |
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