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<H Shrs> HSI Weakens on Thinner Turnover; Auto Stocks Rally; JD Health Slumps Over 9%
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US-Iran nuclear talks yielded no results, and the US announced it would block the Strait of Hormuz. Market rumors later suggested a new round of US-Iran talks could be held within days. Hong Kong equities declined today (13th). US March YoY inflation rose to 3.3%, in line with expectations. US stocks showed mixed performance last Fri (10th), with the DJIA down 0.6% and the Nasdaq up 0.4%. At the time of writing, the US 2-year Treasury yield rose to 3.824%, while the US 10-year Treasury yield climbed to 4.337%. The US Dollar Index advanced to 98.97. DJIA futures last fell 224 points or 0.5%, and Nasdaq futures dropped 170 points or 0.67%. The Shanghai Composite Index closed up 2 points or 0.06% at 3,988, while the Shenzhen Component Index rose 0.7%. Combined turnover on the Shanghai and Shenzhen exchanges totaled RMB2.15 trillion. The HSI opened down 184 points and widened its losses to as much as 385 points, hitting a trough of 25,508. It closed down 232 points or 0.9% at 25,660. The HSCEI fell 52 points or 0.6% to 8,602, and the HSTECH declined 38 points or 0.8% to 4,822. Total market turnover decreased to HKD207.909 billion. Northbound trading turnover totaled HKD93.032 billion, while southbound funds recorded a net inflow of HKD2.249 billion today (vs a net outflow of HKD2.815 billion in the previous trading day). HKEX (00388.HK) slipped 0.6% to HKD405.8. Auto stocks advanced, with BYD (01211.HK) and NIO (09866.HK) rising 4.9% and 7.5%, respectively. The Hong Kong Monetary Authority granted the first two stablecoin issuer licenses to a consortium led by HSBC and Standard Chartered. HSBC (00005.HK) and Standard Chartered (02888.HK) fell 0.6% and 1.9%, respectively. Other stablecoin-related stocks were under pressure, with Guotai Junan International (01788.HK) plunging 12.9%. Meanwhile, DeepTech (01384.HK) and Xunce (03317.HK) surged 59.2% and 15.6%, with turnover of HKD3.73 billion and HKD2.66 billion, respectively. HSI Turnover Falls; Auto Stocks Rally Among oil stocks, PetroChina (00857.HK) rose 1.6% and CNOOC (00883.HK) gained 0.5%, while energy transportation stock COSCO SHIPPING Energy (01138.HK) slid 4.5%. Airline stock China Eastern Airlines (00670.HK) fell 4.3%. Cathay Pacific (00293.HK) announced flight reductions to cope with high oil prices, and its shares dropped 2.8%. CICC released a Hong Kong market strategy report today (13th), stating that over the past week, the Iran situation has rapidly evolved toward non-escalation, which is also the markets underlying consensus expectation; otherwise, markets would have experienced greater volatility in recent weeks. While the outlook for peace talks remains uncertain and the fragile balance could still be disrupted, this broadly aligns with the banks base case that there will be short-term volatility and repeated fluctuations, with April being a key period, but a complete loss of control is not the base scenario in the medium term. The bank added that the impact of high oil prices and geopolitical shocks on earnings will take time to materialize. Meanwhile, the market still holds considerable expectations for the TACO logic, believing that US President Donald Trump may compromise under pressure from midterm elections in 2H26. 1,300 Stocks Decline; JD Health Slumps Market breadth weakened in Hong Kong. The ratio of advancing to declining main board stocks was 17 to 32 (previous trading day: 31 to 19), with 1,337 stocks falling (down 2.5%). Among HSI constituents, 22 stocks rose while 64 declined, with an advance-decline ratio of 24 to 71 (previous trading day: 62 to 34). Short selling amounted to HKD31.288 billion, representing 17.848% of the HKD175.302 billion turnover of securities eligible for short selling. TENCENT (00700.HK) fell 2.9% to HKD490, with turnover of HKD10.393 billion. BABA-W (09988.HK) declined 1.8%. MEITUAN-W (03690.HK), NTES-S (09999.HK) and KUAISHOU-W (01024.HK) dropped between 1.3% and 1.5%. Online healthcare platform stocks retreated, with ALI HEALTH (00241.HK) and PING AN HEALTHCARE AND TECHNOLOGY (01833.HK) falling 5.4% and 4.9%, while JD HEALTH (06618.HK) slumped 9.4%. UBS said in a report that JD HEALTHs 1Q26 results are expected to broadly meet expectations. Pharmaceutical sales growth remained strong despite a high base, with revenue estimated to grow about 17%, in line with the companys full-year guidance. Adjusted operating margin for 1Q26 is expected to remain broadly stable, also consistent with full-year guidance. However, interest and cash-related income, as well as fair value changes in cash investment products, weighed on net profit, resulting in broadly flat adjusted net profit last quarter. (wl/da) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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