Investing.com – On Wednesday (19th), the Hong Kong stock market opened lower and moved lower, reversing yesterday’s gains. The Hang Seng Index fell 2.38% and the Hang Seng Technology Index fell more than 4%. The turnover has also gradually cooled down. The turnover of the Hang Seng Index today was 84.751 billion yuan, compared with 99.756 billion yuan in the previous trading day; however, the southbound funds continued to buy a net 4.540 billion yuan, with a net inflow of 5.417 billion yuan.
Technology stocks tumbled and fell back into decline. Bilibili (HK:) (NASDAQ:) and Kuaishou (HK:) fell more than 7%, Meituan (HK:) fell 5.91%, and Tencent Holdings (HK:) ( OTC: ) and Alibaba (HK:) (NYSE: ) both fell more than 4%.
New car manufacturers tumbled. Xiaopeng Motors (HK:) (NYSE: ) fell 9.52%, leading the decline in the Hang Seng Technology Index. Meanwhile, Weilai (HK:) (NYSE:) fell 6.60%, Li Auto (HK:) (NASDAQ:) fell 4.14, and Leapmotor (HK:) fell 3.10%.
Hong Kong blue-chip property stocks fell, with New World Development (HK:) down 7.75%, Sun Hung Kai Properties (HK:) down 3.56% and Henderson Land (HK:) down 3.60%.
Among individual stocks, COSCO SHIPPING Energy (HK: ) rose 10.25%. Caixin Securities said that in the future, the supply and demand gap in the oil transportation sector may reach a historical extreme value, and oil transportation prices are expected to welcome the big boom cycle.
New Oriental Online (HK: ) rose 8.15%. Taobao Live revealed that Yu Minhong, the founder of New Oriental, will appear in the Taobao Live Room of “New Oriental Xuncheng Education Store” on the evening of October 31. In this regard, New Oriental said that it is a long-term plan of New Oriental with clear goals to do education live broadcast on Taobao.
The Hong Kong Stock Exchange (HK: ) fell 2.02% to HK$252.80. In the third quarter, revenue fell 19% year-on-year and net profit fell 30% year-on-year. However, the Chief Executive of the Hong Kong Special Administrative Region, Li Jiachao, said in the first policy address that the Hong Kong Stock Exchange plans to revise the main board listing rules to attract non-profit and non-revenue technology companies to list, which is expected to be implemented next year. He also said that a bill will be submitted within this year to waive the stamp duty for stock trading in dual-currency stock market makers.
In addition, Li Jiachao also stated that a new “Hong Kong Investment Management Co., Ltd.” will be established, and the government will lead the investment in strategic industries to attract and help more enterprises to develop in Hong Kong. He mentioned that he hoped to attract no less than 100 representative I&T companies to set up or expand their business in Hong Kong in the next five years, as well as the I&T land and space provided by the Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop from 2024 .
As of market close:
- It fell 2.38% to 16511.27 points;
- fell 4.19% to 3196.58 points;
- It fell 2.75% to 5597.79 points.
[This article is from Yingwei Caiqing Investing.com, to read more, please log on to cn.investing.com or download Yingwei Caiqing App]
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Editor: Liu Chuan