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<H Shrs>HSI Drops 500 Pts at Close as JD-SW Shrinks 6%; Autos Face Heavy Selling Pressure
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The HSI slipped 500 points or 1.8% to close at 26,572, ending its incline for 4 consecutive days. The HSCEI cascaded 201 points or 2.1% to close at 9,397. The HSTECH dropped 168 points or 2.8% to close at 5,812. Total market turnover for the day amounted to $232.788 billion. JD-SW (09618.HK) slumped 6% to close at $116.9. The company’s 3Q non-US GAAP net profit faded 56% YoY to RMB5.8 billion, still beating expectations. However, Nomura cited JD management stating that JD Retail revenue is expected to grow about 10% and operating profit about 20% for FY2025, implying 4Q revenue and operating profit will decline about 5% and about 23% YoY, respectively, contrasting market expectations of about 5% revenue growth and about 10% operating profit growth for JD Retail in 4Q. Same series JD HEALTH (06618.HK) closed up 6.6% to $68.75, making it the best-performing blue chip, as its 3Q non-IFRS operating profit increased nearly 60% YoY. JD LOGISTICS (02618.HK) reported a 7.9% YoY decline in 3Q net profit to RMB2.03 billion, denting its share price by 3.9%. Chip stock SMIC (00981.HK)'s 3Q net profit attributable to shareholders rose 28.9% YoY to US$192 million, but its share price waned 2.8%. Automaker LI AUTO-W (02015.HK) lost 2.3%, while XPENG-W (09868.HK) stumbled 6.8%. NIO-SW (09866.HK) eroded 3.2%, while BYD COMPANY (01211.HK) cratered 2.1%. SMIC warned that memory shortages could impact the auto and mobile phone industries next year. AASTOCKS Financial News Website: www.aastocks.com |
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