Home » The Hang Seng Index bottomed out and closed down 0.83%. The positive news spurred widespread gains in education stocks, shipping stocks, and mainland real estate stocks were among the top losers. Provided by Zhitong Finance

The Hang Seng Index bottomed out and closed down 0.83%. The positive news spurred widespread gains in education stocks, shipping stocks, and mainland real estate stocks were among the top losers. Provided by Zhitong Finance

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The Hang Seng Index bottomed out and closed down 0.83%. The positive news spurred widespread gains in education stocks, shipping stocks, and mainland real estate stocks were among the top losers. Provided by Zhitong Finance

Hong Kong Stocks Close Lower as Hang Seng Index Falls 0.83%

On February 9, the Hang Seng Index in Hong Kong closed down 0.83%, with the market experiencing a rollercoaster of ups and downs throughout the day. The index initially opened 1.06% lower in early trading, falling by more than 2% at one point during the session before rebounding. The positive news stimulated the general rise of education stocks, but shipping stocks and Chinese real estate stocks were among the top losers for the day.

Analysts at CICC noted that the current fundamentals of the United States do not support cutting interest rates too quickly and prematurely, but it does not mean that the road to cutting interest rates in advance is completely blocked. The central bank’s reserve requirement ratio cut on February 5 and the national two sessions in early March were highlighted as important policy windows that need attention.

Regarding blue-chip stocks, there were mixed performances. Country Garden Services (06098) fell 6.69%, while Anta Sports (02020) and Hansoh Pharmaceuticals (03692) rose 1.58% and fell 4.09% respectively.

In terms of popular sectors, education stocks did well, gaming stocks bounced back, but shipping stocks, mainland real estate stocks, and Chinese brokerage stocks all fell collectively.

Education stocks like Excellence Education Group (03978) and New Oriental-S (09901) rose, while gambling stocks such as MGM China (02282) and Sands China (01928) experienced a rebound. However, shipping stocks including SITC International (01308) and Orient Overseas International (00316) fell, and Chinese real estate stocks like Sunac China (01918) and Vanke Enterprise (02022) also experienced a downward trend.

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In trending move stocks, OSL Group (00863) and Innovent Biologics (01801) continued their recent gains, while China Literature Group (00772) and United Energy Group (00467) faced significant decreases in their share prices.

The overall market movement was a mix of gains and losses, with various sectors experiencing fluctuations throughout the trading day. Investors and analysts will continue to monitor global economic developments and policy announcements for potential impact on the market in the coming days.

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