Market watching US inflation data. US stock futures are soft, Hong Kong stocks fell today. The Hang Seng Index opened low by 131 points and the decline expanded. It once fell by 346 points and was as low as 17,453 points. It fell 275 points or 1.6% throughout the day, closing at 17,524 points; the National Index fell 97 points or 1.5%, closing at 6,284 points; and the Hang Seng Technology Index fell 30 points or 0.8%, closing at 3,566 points. The total turnover of the market for the day was 89.31 billion yuan, with a net inflow of 2.156 billion and 2.045 billion yuan for the Shanghai and Shenzhen-Hong Kong stock connects.
The forward contract price of the European shipping line plummeted, and shipping stocks fell. Cosco Shipping Holdings fell 8%, Orient Overseas fell 6.5%, and Pacific Basin fell 5.6%.
Mainland real estate stocks are weak. Sunac China fell 10.3%, Country Garden fell 12.8%, and Xuhui, Shanghai New World, and Hopson Development Holdings fell 6.6% to 7.6%. China Overseas Property announced that its contract sales in the previous month increased by 41%, and its stock price fell 2.8% along with its peers.
Multiple consumer stocks are under pressure. Xiabuxiabu, Yihai International, Jiumaojiu, China Duty Free, and Gaoxin Retail fell more than 4%, while Nongfu Spring, Mengniu Dairy, Tongcheng-Elong, and Haidilao fell more than 3%. Pharmaceutical stocks Wuxi Bio and Johnson & Johnson fell more than 4%, while Cansino Biologics Inc. and cms fell more than 5%.
The EU levied a temporary anti-subsidy tax on electric vehicles, and China Association of Automobile Manufacturers said it cannot accept ignoring the facts. Geely fell 2%, Linghang, Xiaopeng, and Brilliance Auto fell 2.6% to 3.2%, and Dongfeng fell 4.6%. NIO's CFO Feng Wei resigned for personal and family reasons, and its stock price fell 3.9%. BYD fell 0.8% to HKD 233.2.
In terms of technology stocks, Alibaba, Meituan, and Netease fell 1.4% to 1.8%, while Tencent and Xiaomi fell 0.3% and 1%, respectively. JD.com rose 0.3%, and Kuaishou rose 2.2%. Shangtang Technology and Tencent Music fell 3% and 3.4%, respectively. Dongfang Select and BYD Electronic fell more than 5%, while Hua Hong Semiconductor rose against the trend by 2.4%.
In terms of financial stocks, HSBC fell 1% to HKD 67.1, and HKEX and AIA fell 2% and 1.5%, respectively. Ping An Insurance and ZhongAn Online fell 2.4% and 4.3%, respectively. China Galaxy, a brokerage stock, it's subsidiary Galaxy Jin Hui was ordered to suspend the launch of new private equity asset management products and its stock price fell 5.6%. Local real estate stocks, New World and Kowloon Development fell 3.2% and 4.5%, respectively.
Canvest Environmental Protection may be privatized by Grandblue Environment at a symbolic cancellation price of HKD 4.9 per share. Canvest Environmental Protection rose 7.9% to HKD 4.38.