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<HK Wrap-up>HSI Slides 195 pts; NetEase Ascends 7% vs Soft Mkt; Coal Miners Squeezed
Recommend 94 Positive 136 Negative 105 |
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Hong Kong equities closed down following a tumultuous session. The HSI opened higher and once stretched its uptick to as much as 132 pts. The index, however, receded due to the lack of support and closed at 18,551, down 195 pts or 1%; the HSCEI slid 82 pts or 1.3% to close at 6,251; the HSTECH waned 43 pts or 1.2% to close at 3,647. The full-day turnover of the market aggregated $110.483 billion. Tech names were overall mixed. NTES-S (09999.HK) ascended 7.2% after reporting a YoY upsurge of 47.8% in its 1Q23 non-GAAP net profit, which was ahead of consensus. LENOVO GROUP (00992.HK) rose 3.9%, while BIDU-SW (09888.HK) climbed 2.7%. MEITUAN-W (03690.HK) cascaded 8.1% to close at $115.8, becoming the worst-performing blue-chip stock, dragged down by market concerns that its in-store profit margins may be eroded by competition from Douyin in the near term. TENCENT (00700.HK) and BABA-SW (09988.HK) dropped 2.9% and 1.1%, respectively. JD-SW (09618.HK) and BILIBILI-W (09626.HK) tumbled more than 1% each. XIAOMI-W (01810.HK) fell 0.2%, while GDS-SW (09698.HK) contracted 4.9%. Coal miners broadly swooned as BofA Securities reported that QHD coal price cratered almost 10% on a WoW basis, reflecting sluggish demand and sufficient supply. CHINA SHENHUA (01088.HK) slipped 2.6%, while YANKUANG ENERGY (01171.HK) and CHINA COAL (01898.HK) plummeted 8.4% and 5.9%, respectively. AAStocks Financial News |
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