The market waited for the Fed to discuss interest rates and large US technology stocks to report results later this week, and the Dow gave back 260 points or 0.8% the next night (30 days). The Hang Seng Index opened 120 points higher this morning, rising 214 points to as high as 22284 points at the beginning, and then fell, falling 280 points or 1.3% in half the day to 21789 points; the national index fell 94 points or 1.3% to 7401 points; and the Hang Seng Biotechnology Index fell 72 points or 1.6% to 4507 points. Half-day turnover in the market totaled 87.748 billion yuan, with a net outflow of 638 million yuan and 137 million yuan in half-day trading from Shanghai, Shenzhen and Hong Kong.
Technology stocks continued to fall, with BABA (09988.HK) down 2.3% at 106.5 yuan, Tencent (00700.HK) down 2.8% at 376.4 yuan, Baidu, Inc. (09888.HK), JD.com (09618.HK) and 09626.HK respectively down 2.2% to 3.1%, Kingsoft Cloud Holdings (03896.HK), GDS Holdings Limited (09698.HK) and 00354.HK (00354.HK) each down more than 4%. Cloud Music (09899.HK) fell 9.8%. Mobile phone components 01478.HK and 02382.HK fell 4 per cent and 4.7 per cent respectively.
Domestic demand and consumer stocks also continued to give up, with 01579.HK down 6.3 per cent, 03331.HK (03331.HK) and JS Global Lifestyle Company Limited (01691.HK) down 4.3 per cent and 4.2 per cent respectively, 00291.HK and Haidilao International Holding (06862.HK) down 3 per cent and Budweiser Brewing Company APAC Limited (01876.HK) down 2.8 per cent. 01211.HK, the electric car stock, is forecast to earn more than four times more last year, with its share price rising 3.2 per cent in half a day.
Some mainland cities cut interest rates on first-home loans, but failed to stimulate inner housing stocks. Dragon Lake (00960.HK), Rundi (01109.HK), Greentown China (03900.HK), Jinmao (00817.HK) and Metro Development (01030.HK) each fell 3 to 4.3 per cent. Local property stocks also weakened, with Hang Lung Properties (00101.HK), which reported results at noon, down 3.1 per cent in half the day, 00012.HK, 00016.HK and 00017.HK each down more than 2 per cent, and Wharf property (01997.HK) down 3.2 per cent.
Pharmaceutical stocks also fell, with Wuxi Apptec (02359.HK) forecasting a 73% increase in full-year net profit, falling after a high opening, down 3.4% in half a day, and 3.8% for Wuxi Biologics (02269.HK). Pharmaron Beijing Co., Ltd.* (03759.HK) expects profits to fall by at least 13 per cent last year and its share price to fall 10.8 per cent. 01548.HK, INNOVENT BIO and 06185.HK each fell 6.4 per cent to 8.2 per cent, while 01177.HK also fell 4 per cent.
As for financial stocks, 00005.HK fell 0.2 per cent to Rmb57.75, 00388.HK fell 1.7 per cent, 01299.HK fell 0.7 per cent to Rmb88.75, and China Merchants Bank and 02888.HK each fell more than 2 per cent.
Telecom shares 00762.HK and 00788.HK fell 4 per cent and 3.3 per cent respectively. 00323.HK forecast a loss last year and its shares fell 5.9 per cent.