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HSI Once Slips ~300Pts; MEITUAN-W Dives 9.5% on Poor Earnings; BABA-W, LI AUTO-W Subdued Ahead of Results Release
Recommend 58 Positive 128 Negative 62 |
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Hong Kong bourse brought forward the downtrend from the past two days, opening 171 points lower this morning (28th). The HSI was dragged sharply lower by MEITUAN-W (03690.HK) after its earnings release, missing the 25,000-mark. Early trading saw losses peak at 299 points, with an intraday low of 24,902. The index last stood at 24,942, down 259 points or about 1%, with turnover reaching HK$102.698 billion. Meituan's 2Q results were a major miss, sending its stock to HK$105.3, down 9.46%, the worst performer among blue chips. Trading volume for Meituan hit HK$11.302 billion, making it the most active trading Hong Kong stock. Other decliners included ANTA SPORTS (02020.HK), which slid 5.1%, and BABA-W (09988.HK) and LI AUTO-W (02015.HK) - both awaiting earnings release - with plunges of more than 3%. JD-SW (09618.HK), BYD COMPANY (01211.HK), BYD ELECTRONIC (00285.HK), CSPC PHARMA (01093.HK), SHENZHOU INTL (02313.HK), and ZTO EXPRESS-W (02057.HK) each sagged about 1.7-2.4%. New consumption “star stocks” also weakened. LAOPU GOLD (06181.HK) opened 3.4% lower at HK$700, bottoming at HK$692.5 early on, and last stood at HK$698.5, down 3.59%, with turnover of HK$2.479 billion. MIXUE GROUP (02097.HK) opened flat but tapered off, bottoming at HK$442.8 and last quoted at HK$443, down 3.78%, with trading volume of HK$105 million. POP MART (09992.HK), set to join the blue-chip index, extended its 3.9% slide from the previous day to trade at HK$319, down another 1%, with turnover of HK$655 million. AASTOCKS Financial News Website: www.aastocks.com |
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