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HK Stocks Have Rough Start in Jun as HSI Once Tumbles 600Pts+; CN Banks/ Developers/ Insurers/ Autos Drop; Meituan/ Kuaishou Sag 4%+
Recommend 202 Positive 282 Negative 178 |
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Hong Kong stocks had a rough start in June. The HSI opened 246 points lower this morning before its decline significantly widened in the morning session, falling below the 23,000 mark. The index once dropped 609 points to a low of 22,679, and last shed 519 points or 2.2% to 22,770, with a turnover of $64.12 billion. The HSCEI last printed at 8,220, down 211 points or 2.5%. The HSTECH once faded 3.1%, and last cascaded 136 points or 2.6% to 5,033. Chinese developers led the market decline, with CHINA RES LAND (01109.HK) and CHINA OVERSEAS (00688.HK) slumping 4.1-4.2%. LONGFOR GROUP (00960.HK) eroded 6.3% to $9.21, the worst performing blue chip. Chinese banks saw significant declines, with CM BANK (03968.HK) sagging 3.5%. CCB (00939.HK) lost 3.1%, while BANK OF CHINA (03988.HK) and ICBC (01398.HK) slipped about 2.6%. Other heavy-weighting financials were under pressure. HSBC HOLDINGS (00005.HK) and AIA (01299.HK) slid 1.1% and 1.7%, while HKEX (00388.HK) waned 2.3%. Moreover, CHINA LIFE (02628.HK) and PING AN (02318.HK) receded 2.9-3.4%. Consumers generally weakened, with ANTA SPORTS (02020.HK), HAIER SMARTHOME (06690.HK) and HAIDILAO (06862.HK) shrinking 3.3-3.7%. Previously strong CSPC PHARMA (01093.HK) plummeted 4.9%. XINYI SOLAR (00968.HK) bottomed at $2.22, in line with the 52-week low set in early April, and last printed at $2.23, down 5.9%. Automakers generally declined, with LI AUTO-W (02015.HK) cratering 4.5%. GWMOTOR (02333.HK), NIO-SW (09866.HK) and XPENG-W (09868.HK) shrank about 3% each, while BYD COMPANY (01211.HK) stumbled 2.7%. GEELY AUTO (00175.HK) slid 1.6%. Heavy-weighting techs were weak, with MEITUAN-W (03690.HK) and KUAISHOU-W (01024.HK) tumbling 4.2%. BABA-W (09988.HK) plunged 2.7%, while JD-SW (09618.HK) and XIAOMI-W (01810.HK) each dropped 1.8%. TENCENT (00700.HK) ebbed 1.4%. AASTOCKS Financial News Website: www.aastocks.com |
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