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<H Shrs>HSI Sheds 148Pts at Midday; AIA Dives 4% on $29.1B+ Deals; ALI HEALTH Slips 6%
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U.S. President Donald Trump announced plans to notify countries of reciprocal tariff rates. The HKD hit the weak-side convertibility undertaking again, prompting the Hong Kong Monetary Authority (HKMA) to buy the HKD in an amount of over HKD29.6 billion. Hong Kong stocks opened lower, with the HSI down 169 points or 0.7% at 23,900. The index fell as much as 379 points to bottom at 23,690 before recovering to a high of 23,932. It closed the morning session down 148 points or 0.6% at 23,921. The HSCEI sank 36 points or 0.4% to 8,611, and the HSTECH dropped 24 points or 0.5% to 5,209. Midday turnover reached HKD157.689 billion. BABA-W (09988.HK) proposed to issue HKD12 billion in zero-coupon convertible bonds, exchangeable for ALI HEALTH (00241.HK) shares at an initial price of HKD6.23 per share. BABA-W dipped 0.6% to HKD105.6, while ALI HEALTH slid 6.4% to HKD4.23 at midday. For other techs, TENCENT (00700.HK), SMIC (00981.HK), JD-SW (09618.HK), MEITUAN-W (03690.HK), and NEW ORIENTAL-S (09901.HK) faded 0.3-1%. KUAISHOU-W (01024.HK), BIDU-SW (09888.HK), and NTES-S (09999.HK) added 0.5-0.8%. Xiaomi’s YU7 configuration aroused consumer attention, but its stock XIAOMI-W (01810.HK) lost 1.2% to HKD57.4. XPENG-W (09868.HK) G7, priced from RMB195,800, way below pre-sale expectations, saw its stock plunge 5.5% to HKD69.9. Other auto makers were softer, with BYD COMPANY (01211.HK) down 0.4% at HKD122.5, while battery maker CATL (03750.HK) rallied 3.5% to HKD355.6. As to financials, HSBC HOLDINGS (00005.HK) and HKEX (00388.HK) sagged 0.1% and 0.6%, respectively, while AIA (01299.HK) dived 4.4% to HKD69.2. AAStocks Financial News |
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