On the futures settlement day, Hang Seng Index once slumped 337 pts at most and eventually closed at 24,595, down 265 pts or 1.1%; Hang Seng China Enterprises Index ended lower by 227 pts or 1.9% to 11,736. Market turnover increased to $89.476 bilion.
As reports said that the second round of checks for margin trading business in Mainland China is to kick off next week, CITIC SEC (06030.HK) and HAITONG SEC (06837.HK) dropped 2.8% and 3.2% respectively. Mainland banks also weakened. MINSHENG BANK (01988.HK) and CM BANK (03968.HK) declined 4.5% and 2.2%. Four big banks saw drops ranging from 1.3%-2.2%. It is reported that the Shenzhen-Hong Kong Stock Connect might be launched in the second half of the year, but HKEX (00388.HK) moved 0.6% lower.
With a 1.3% slide in the Shanghai Composite Index today, X ISHARES A50 (02823.HK) and CSOP A50 ETF (02822.HK) receded 2.5% and 1.3% respectively. PING AN (02318.HK) and CHINA LIFE (02628.HK) fell another 2.2% and 1.6%. CPIC (02601.HK) gave up 2.3%.
International financial stocks were pressurized. HSBC HOLDINGS (00005.HK) slid 1%. STANCHART (02888.HK) lost 4%. AIA (01299.HK) closed down 2.7%.
Mainland property shares headed south. As S&P expected KAISA GROUP (01638.HK)'s incident would trigger a difficulty in getting funding, CHINA OVERSEAS (00688.HK) and CHINA RES LAND (01109.HK) both dropped 2.3%.
CHINA UNICOM (00762.HK) and CHINA TELECOM (00728.HK) retreated 2.2% and 4% respectively. However, CHINA MOBILE (00941.HK) gained 0.9% to $104.3 against the bearish market trend. In addition, LENOVO GROUP (00992.HK) slid 2.7% after Morgan Stanley cut its target price to $10.
AAStocks Financial News
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