The Hong Kong stock market fell with the overseas markets on the day of futures settlement, due to market waiting for the results of the Fed meeting and quarterly earnings reports of large tech companies. The Hang Seng Index opened low by 43 points and then expanded its decline. At one point, it fell 266 points to a low of 16,971 points, and closed at 17,002 points, down by 235 points or 1.4% for the whole day. The H-share index fell 93 points or 1.5% to 5,986 points, and the Hang Seng Tech Index fell 52 points or 1.5% to 3,414 points. The total turnover for the day in the market was HKD 89.976 billion, with a net inflow of RMB 1.777 billion and a net outflow of RMB 84.9 million in southbound trading volume of Shanghai and Shenzhen-Hong Kong Stock Connect.
Henderson Land Development (00101.HK) suffered a 56% decrease in profit in the first half of the year and reduced its interim dividend by 33%. The stock price fell 11.7% to HKD 5.64 for the whole day and CK Asset (00010.HK) fell 4.2%. Other property stocks also declined, with Swire Properties (01972.HK), Sun Hung Kai Properties (0016.HK) and Shangri-La Asia (00017.HK) falling 4% to 4.6%, and Henderson Land Development (00012.HK), CK Asset (01113.HK) and Nine Dragons Paper (01997.HK) falling 2.5% to 2.9%.
Standard Chartered Bank (02888.HK) announced that its half-year attributable profit before tax under IFRS rose by 5%, and its CET1 ratio exceeded expectations. It also declared an interim dividend of 9 US cents per share and a USD 1.5 billion share buyback. The stock price rose 4.9% to HKD 76.9 in the afternoon. Other financial stocks, in contrast, saw declines, with HSBC (00005.HK) falling 0.7%, Hong Kong Exchanges and Clearing (00388.HK) falling 1.5%, Hang Seng Bank (00011.HK) and AIA Group (01299.HK) up by 0.3%.
Commodity stocks weakened due to falling commodity prices. Oil companies PetroChina (00857.HK) and CNOOC (00883.HK) fell more than 3%. In terms of resource and metal stocks, MMG Limited (01208.HK), Jiangxi Copper Company (00358.HK), and CMOC (03993.HK) fell more than 2%, and Aluminum Corporation of China (02600.HK) and Honbridge Holdings (01378.HK) fell more than 3%. China Gold International Resources Corp. (02099.HK) fell 4.3%, and coal stocks China Shenhua Energy Company (01088.HK) and Yanzhou Coal Mining Company (01171.HK) also fell more than 2%. New energy stocks Longyuan Power Group Corporation (00916.HK), Xinjiang Goldwind Science & Technology (02208.HK) and Xinyi Solar Holdings (00968.HK) also fell more than 3%.
Alibaba Group Holding Ltd. (09988.HK) fell 0.5% today. Other tech stocks such as Tencent Holdings Ltd. (00700.HK), JD.com, Inc. (09618.HK) and Meituan (03690.HK) fell 1.3% to 1.8%, Xiaomi Corp. (01810.HK) and Kuaishou Technology (01024.HK) fell 3%, and Baidu, Inc. (09888.HK) and NetEase, Inc. (09999.HK) rose 0.4% and 1.3%, respectively. In addition, other stocks such as Samsonite International S.A. (00020.HK), Kingdee International Software Group Co., Ltd. (00268.HK) and Ping An Healthcare and Technology Company Limited (01833.HK) also fell 3% to 3.4%. Phone-related stocks such as BYD Electronic International Company Limited (00285.HK) fell 2.8%, Goertek Inc. (01415.HK), FIH Mobile Limited (02038.HK) and AAC Technologies Holdings Inc. (02018.HK) fell 3.6% to 4%, and Sunny Optical Technology (Group) Company Limited (02382.HK) fell 5.8%.
Automotive stocks BYD Company Limited (01211.HK), Leapmotor Corporation (09863.HK), NIO Inc. (09866.HK), and XPeng Inc. (09868.HK) fell 2.9% to 4%. China Longyuan Power Group Corporation Limited (02333.HK) fell 2.6%. Auto agency China International Capital Corporation Limited (00881.HK) fell 7%. In terms of consumer stocks, Mengniu Dairy Co., Ltd. (02319.HK) was downgraded by Morgan Stanley, causing the stock price to fall by 6.5%. Nongfu Spring Co., Ltd. (09618.HK) fell 2.6% to HKD 29.6. ANTA Sports Products Limited (02020.HK), Li Ning Company Limited (02331.HK), Haidilao International Holding Ltd. (06862.HK), China National Building Material Company Limited (01880.HK), and Haier Smart Home Co., Ltd. (06690.HK) fell 2.9% to 3.6%, and Hisense Home Appliances Group Co., Ltd. (00921.HK) fell 4.4%.
Wuxi Apptec Co., Ltd. (02359.HK) saw a 20% decrease in net profit for the first half of the year as expected. The company stated that more than 80% of its outstanding orders will be converted into revenue by the end of next year. The stock price rose 3.6%. Fuyao Glass Industry Group Co., Ltd. (03606.HK) saw a 23% increase in net profit in the first half of the year, and its stock price rebounded 3.5% at the opening before falling 2.1% for the whole day.