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<H Shrs>HSI Midday Down 292 pts as Autos, Pharmas, AIs, Chips Slide
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In the US, Nasdaq closed up 1.6% overnight and, together with the S&P 500, hit record highs. Hong Kong equities opened lower in the morning session. The HSI opened down 64 pts before losses widened, and settled the midday at 25,870, down 292 pts or 1.1%. The HSCEI stood at 8,714, down 87 pts or 1%. The HSTECH closed midday at 4,849, down 114 pts or 2.3%. Total market turnover for the half day amounted to HKD142.642 billion. Dotcoms came under pressure across the board. TENCENT (00700.HK) sagged 1.7% to HKD495.6. BABA-W (09988.HK) declined 0.8% to HKD130.4. MEITUAN-W (03690.HK) and JD-SW (09618.HK) faded 1.7% and 1.2%. KUAISHOU-W (01024.HK) and NTES-S (09999.HK) slid 2.3% and 2.8%. NEW ORIENTAL-S (09901.HK) delivered a 34% YoY growth in quarterly non-GAAP net profit, but its shares dived 2.5% by midday. EAST BUY (01797.HK), under the same series, swelled 3.1%. AI stock KNOWLEDGE ATLAS (02513.HK) opened 2.4% higher in the morning, with gains slowing to 0.6% at HKD992 midday. MANYCORE TECH (00068.HK) reverted down by 8%. INSILICO (03696.HK) and MINIMAX-W (00100.HK) slumped 5.1% and 4.1%. Chip stocks were under pressure. HUA HONG SEMI (01347.HK) tumbled 7.2% to HKD92.5, while SMIC (00981.HK) shrank 2.5%. BIREN TECH (06082.HK) and ILUVATAR COREX (09903.HK) plunged 6.3% and 4.7%, and NVIDIA supplier VGT (02476.HK) retreated 7.1%. CCTV reported that NETA logged RMB18.3 billion in losses over three years, with investments by state-owned capital in multiple regions facing difficulties in recovery. Chinese auto stocks moved lower. GEELY AUTO (00175.HK), LEAPMOTOR (09863.HK) and XPENG-W (09868.HK) plummeted 5.1-6.3%. BYD COMPANY (01211.HK) and CHERY AUTO (09973.HK) subtracted 4.4% and 4%, and XIAOMI-W (01810.HK) shrank 2.9%. Pharmaceuticals broadly waned. 3 3SBIO (01530.HK) and AKESO (09926.HK) plunged 12.7% and 11.7%, while INNOVENT BIO (01801.HK), JUNSHI BIO (01877.HK), INNOCARE (09969.HK) and REMEGEN (09995.HK) cratered 5.8-7.5%. SBP GROUP (01177.HK) eroded more than 4%. In contrast, HENGRUI PHARMA (01276.HK) spiked 3.6% against the trend after reporting a 22% YoY increase in 1Q net profit. Auto-translated by AI AASTOCKS Financial News |
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