© Reuters. Hong Kong stocks close: Hang Seng Index, Tencent Holdings all hit 6-month lows, Meituan plunges 8%
Investing.com – On Monday (29th), the Hong Kong stock market continued to decline. The Hang Seng Index and the Hang Seng Technology Index fell more than 1%, both hitting six-month lows.
The turnover of the Hang Seng Index today was 110.483 billion; the net sales of southbound funds were 1.831 billion yuan, and the net inflow was 24.4234 million yuan.
As of market close:
- It fell 1.04% to 18551.11 points, the lowest closing level since November 30 last year;
- Before the deadline, it fell 0.98% to 18,441.0 points;
- It fell 1.19% to 18551.11 points, the lowest closing level since November 29 last year;
- It fell 1.30% to 6251.04 points, the lowest closing level since November 29 last year.
Power stocks soared, Huaneng International Power (HK:) rose 8%, Huadian International Power (HK:) rose 10%, Datang Power (HK:) rose 9.8%.
Chip stocks rose, with SMIC (HK:) up 2.78%, Hua Hong Semiconductor (HK:) up 1.99%, and SenseTime (HK:) up 2.38%.
Auto stocks generally fell, Weilai (HK:) (NYSE:) fell 4%, Xiaopeng Motors (HK:) (NYSE:) fell 2.55%, Ideal Auto (HK:) (NASDAQ:) fell 0.45, BYD ( HK:) fell 2.05%, Geely Automobile (HK:) fell 1.08%, Great Wall Motor (HK:) fell 4.18%, and Guangzhou Automobile Group (HK:) fell 1.75%.
Pharmaceutical stocks fell, Innovent (HK:) fell 6.76%, CSPC (HK:) fell 4.43%, China Biopharma (HK:) fell 1.29%, and GenScript Biotechnology (HK:) fell 5.64%. WuXi Biologics (HK:) fell 2.21%; WuXi AppTec (HK:) fell 1.75%.
Consumer stocks also performed weakly. Haidilao (HK:) fell 1.88%, Jiumaojiu (HK:) fell 3.23%, Tsingtao Brewery (HK:) fell 2.76%, China Resources Beer (HK:) fell 2.28%, Li Ning ( HK:) fell 4.85%, Anta Sports (HK:) fell 2.52%.
Most technology stocks fell, and Meituan (HK:) fell more than 8%, leading the decline in blue chips and KCI constituents. The estimated loss was 210.4 million yuan; the adjusted net profit was 5.49 billion yuan, turning losses into profits year-on-year.
Kuaishou (HK:) fell 4.83%; Tencent Holdings (HK:) (OTC:) fell 2.85% to HK$313.20, a new low since December 20 last year. Alibaba (HK: )(NYSE: ) fell 1.08% to HK$77.80, its lowest close since November last year.
CICC said that Hong Kong stocks may continue to fluctuate. This agency pointed out that unless the growth trend, especially the kinetic energy, changes significantly (such as the emergence of new loose credit tools such as real estate). Before that, we still recommend that investors still pay more attention to structural opportunities rather than overall market trends.
However, CICC believes that there is no need to be too pessimistic. They said that the current risk premium is already at a high level, and the risk premium of the MSCI China Index (excluding A shares) is close to 7.5%, a new high since the end of October last year. It is true that there are still many uncertainties in the long-term economic growth prospects, but the risk premium will not return to the extreme level at the end of last year, so we believe that if there is another substantial adjustment, it will provide opportunities for layout.
[This article is from Yingwei Caiqing Investing.com, to read more, please log in to cn.investing.com or download Yingwei Caiqing App]
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Editor: Liu Chuan