Market News

The performance of Hong Kong stocks fluctuated as the market waited for US inflation data and whether the Bank of England planned to intervene in the long bond market. After opening 74 points lower, the Hang Seng Index widened, falling 393 points to 16438 points, another 11-year low, rebounding significantly with the mainland stock market in the afternoon, rising 208 points to 17040 points, down 131 points, or 0.78%, to close at 16701 points; the national index fell 37 points, or 0.65%, to close at 5692 points; and the Hang Seng Technology Index fell 8 points, or 0.27%, to close at 3269 points. The total daily turnover in the market was 112.802 billion yuan, with a net inflow of 1.689 billion yuan and 867 million yuan for southbound transactions in Shanghai and Shenzhen-Hong Kong respectively. The mainland gem index rose 3.6 per cent in the afternoon, while technology stocks fell less, with 00700.HK down 0.4 per cent at 253.6 yuan, 09988.HK down 2.2 per cent at 74.35 yuan, Xiaomi (01810.HK) and Meituan (03690.HK) each down 0.7 per cent and JD.com (09618.HK) up 1.6 per cent at 185.3 yuan. 09888.HK fell 2.2 per cent. Bilibili (09626.HK) fell 2.7% and narrowly saved 100 yuan. 01024.HK fell 1.1% to 49.85 yuan. 00020.HK and 02013.HK fell 3.8 per cent and 4.1 per cent respectively. Shipments of mobile phone lenses in 02382.HK, a mobile parts unit, fell nearly 28 per cent year-on-year last month, while shares fell 4.5 per cent to close up 0.1 per cent. 01347.HK, a chip stock that fell sharply earlier because of the US's expansion of chip-related export shares to China, rebounded 9.3 per cent. Auto stocks were absorbed, with ideal (02015.HK) and Xiaopeng (09868.HK) up 6.8% and 4.1% respectively, while 01211.HK (BYD) rose 3.2% to 195 yuan. COVID-19 cases continued to occur in Shanghai and Guangdong Province. Market expectations of the mainland's short-term relaxation of epidemic prevention retreated, consumer stocks were under pressure. Travel platform 09961.HK and 00780.HK fell more than 5%, catering stocks 09987.HK fell 6.5%, 00520.HK and 06862.HK fell 5.1% and 4.7% respectively. Movie stocks 01896.HK and 01060.HK fell 3.3 per cent and 4.4 per cent respectively, while beer stocks 01876.HK and 00291.HK each fell more than 3 per cent. Gambling stocks 00880.HK, Wynn Macau (01128.HK), Sands China (01928.HK) and Silver Entertainment (00027.HK) fell 3.5 per cent to 4.9 per cent. 01929.HK, the jewellery retailer, fell 5.2 per cent. The Bank of England reported or extended its intervention in the bond market, but the shares of the UK-related business continued to weaken in the afternoon, with 00005.HK down 2.5 per cent at Rmb38.7, 02888.HK down 3.6 per cent at Rmb46.6, Cheung Kong Infrastructure (01038.HK) down 5 per cent, 01113.HK and 00006.HK down 3.6 per cent and 3.3 per cent respectively. Fitch lowered its 00884.HK credit rating to close to default, which fell 3.3 per cent. The rest of the inner housing stocks are weak, with country Garden (02007.HK) and congener Management shares (06098.HK) falling 5 per cent and 4.9 per cent respectively, R & F (02777.HK) down 4.6 per cent, Jin Mao (00817.HK) and China overseas (00688.HK) down 3.3 per cent and 2.6 per cent respectively. Domestic insurance stock flat insurance (02318.HK) property insurance premium income in the first nine months increased by 11.4% year-on-year, life insurance fell 2.5%, the stock rose 1.3% to 38.85 yuan. Inner Bank China Merchants Bank (03968.HK) continued to be affected by the former president, and its share price did not stop falling, falling 5.4% to 31.35 yuan on the day. For the rest of the blue chips, 00002.HK fell 4.1 per cent to Rmb54.9, Hong Kong Stock Exchange (00388.HK) rose 0.7 per cent and 01299.HK rose 1.9 per cent to Rmb68.55.