The market is waiting for Fed Chair Powell's speech at Jackson Hole. The Hong Kong stock market was soft in the morning, with the Hang Seng Index opening down 119 points and then narrowing its losses. It fell 71 points or 0.4% to 17,569 points at midday, while the national index dropped 25 points or 0.4% to 6,199 points. The Hang Seng Tech Index fell 53 points or 1.5% to 3,455 points, and the total trading volume in the morning was reduced to 41.696 billion yuan.
NetEase (09999.HK) saw a 13% year-on-year decline in second-quarter non-GAAP net profit, with market attention focused on deferred revenue falling more than normal on a quarterly basis, causing a 12.9% drop in stock price. Baidu (09888.HK) saw a 7.5% drop in second-quarter non-GAAP net profit, with market concern about the outlook for advertising revenue resulting in a 5.4% morning drop. Bilibili (09626.HK) saw a narrow in adjusted net loss for the second quarter, with the stock stabilizing after an initial 4% decline, rising 0.2% by midday. Weibo (09898.HK) saw second-quarter non-GAAP net profit remain roughly flat year-on-year, with market concern about competition in the advertising market leading to a 1.9% drop in the stock price.
In other technology stock news, Alibaba (09988.HK) shareholders approved proposals including repurchasing 10% of ordinary shares and will be dual-listed on the HKEX and NYSE from next Wednesday (28th), with the stock rising 0.4%.
Tencent (00700.HK) and JD.com (09618.HK) fell 0.1% and 0.7% respectively, while Meituan (03690.HK) and Xiaomi (01810.HK) fell 1.6% and 1.7%. Kuaishou (01024.HK) rose 0.8%. Eastbuy (01797.HK) and GDS Holdings (09698.HK) rose 4% and 13.6%, while Alibaba Health (00241.HK) and Kingsoft (03888.HK) fell 3.3% and 3.6%. Catcher (02018.HK) received an upward revision in target price from brokerage, with the stock price continuing to rise by 4.2% after earnings.
Tesla's stock price declined, with BYD Company Limited (01211.HK), Geely Auto (02333.HK), and Leapmotor (09863.HK) following suit with declines of 1.1% to 1.5%, and Xpeng (09868.HK) dropping 2%. Mainland futures prices for lithium fell, with Ganzhou lithium (01772.HK) and Tianqi (09696.HK) falling 4.9% and 4.2% respectively. Huachen (01114.HK) saw a 61% drop in half-year net profit, with the stock price falling by 6.6%.
Among the mainland insurance companies, Ping An Insurance (02318.HK) saw a 7% increase in half-year net profit, maintaining an interim dividend of 93 cents, and the stock price rose by 3.6%. Taikang (02601.HK) and China Life (02628.HK) rose by 4.8% and 2.2% respectively. In other finance stocks, HSBC (00005.HK) and HKEX (00388.HK) fell 0.1%, with AIA (01299.HK) dropping 0.3%. Gold prices fell, with Zijin Mining (01818.HK) and Lippo (03330.HK) falling by 4.4% and 4.3%.
In other stock news, Hisense Ha (00921.HK) rose by 4.7%, while Topsports (06110.HK) and Haidilao (06862.HK) fell by 4.4% and 3.4% respectively. Nine Express (01836.HK) saw a 65% increase in half-year net profit and declared an interim dividend, as well as announcing future buybacks and special dividends for the next 3 years, with the stock price rising by 9%. Shipping stock Oriental Overseas (00316.HK) saw a 26% decline in half-year net profit and a reduction in interim dividends, with the stock price falling by 7.6%.