Markets worried about the outlook for the US economy, the US added 0.142 million non-farm jobs in August, the CPI in August rose 0.6% YoY, the PPI fell 1.8% YoY, fell by more than expected, and Hong Kong stocks fell (9 days). Hang Seng extended its losses after a low of 182 points, falling 376 points to 17,067 at midday, down 247 points, or 1.4%, at 17,196 points throughout the day; the Hang Seng fell 102 points, or 1.7%, to close at 6,002 points; and the Hang Seng Technology Index fell 51 points, or 1.5%, to close at 3,436. The quarterly review of the Hang Seng Index series and weighting changes took effect today, increasing the total trading volume of the major market to $133.665 billion.
After the IPO market “changed horses”, the included Polar Rabbit Express (01519.HK) fell 7.4%, New Oriental (09901.HK) slid 2.5%; the delisted Kyoto Logistics (2618.HK) was down 0.2%, and Sakanyu (0020.HK) was down 3.5%.
THE CHINA INDEX SAID SENTIMENT ON RESIDENTIAL BUYING DECLINED IN AUGUST, WITH DOMESTIC HOUSING STOCKS XINCHENG (01030.HK) AND FULI (02777.HK) DOWN 6.9% AND 9.2% RESPECTIVELY, GREEN CITY CHINA (03900.HK), YAQULU (03383.HK) AND SAHUFAI (00884.HK) FELL 4.8% TO 6.3%. Inflation in the Mainland last month was lower than expected, with domestic demand and consumer stocks down 5.9%, Prada (01913.HK) fell 5.9 per cent, Hai Chi Jia (06690.HK), Xinxiu (01910.HK), Sinhalese (01880.HK), Seabass (06862.HK), Haishin Appliances (00921.HK) and Jiumoku (09922.HK) Down 4% to 5%.
Oil prices fell more than 2% on Friday (6 days), China Petroleum (00386.HK) and China Petroleum (00857.HK) fell 5.6% and 6.2% respectively, China Petroleum (00883.HK) fell 3.8%, and oil services China Oil (02883.HK) fell 5.9%. COAL STOCKS SHENHUA (01088.HK), TANG (01171.HK) AND CHINA COAL (01898.HK) FELL 3.7% TO 4.6%, WHILE GOLD STOCKS SHANDONG GOLD (01787.HK) AND PURPLE GOLD (02899.HK) FELL 4.4% AND 3.6% RESPECTIVELY. Metals stocks Jiang Copper (00358.HK), Five Miners Resources (01208.HK) and Lumolybdenum (03993.HK) fell 3.6% to 5.3%.
Reports suggest Apple's (AAPL.US) iPhone will phase out artificial intelligence features, with mobile phone parts Tyun (01478.HK), Ruisong (02018.HK), BYD Electronics (00285.HK) and Sunyu (02382.HK) down 2.7 percent to 3.3 percent. Chipmaker Huahong (01347.HK) fell 2.9 percent on the outside. Chip equipment stock ASMPT (00522.HK) fell 8.3%.
IN OTHER TECH STOCKS, TENCENT (00700.HK), MEITUNG (03690.HK) AND BAIDU (09888.HK) FELL LESS THAN 1%, ALI (09988.HK), NETEASY (09999.HK) AND STARTER (01024.HK) FELL 1.5% TO 1.9%, WHILE BEEP MI (09626.HK) AND KYOTO (09618.HK) FELL 2.8% AND BY 3%, XIAOMI (01810.HK) GAINED 0.4%. SHUANGYU (00020.HK) AND CLOUD MUSIC (09899.HK) FELL 3.5% AND 5.5% RESPECTIVELY.
In financial stocks, HSBC (00005.HK) and AIA (01299.HK) fell 0.7% and 1%, respectively, and the Hong Kong Stock Exchange (00388.HK) fell 1.5%. DOMESTIC BANK STOCK OFFERING (03968.HK) FELL 3.8%, AND HSBC GLOBAL RESEARCH CITED THE OFFERING AS INDICATING THAT EARLY YEAR LOAN GROWTH TARGETS WERE AT RISK OF DOWNSIDE. INSURER CHINA PACIFIC (00966.HK) FELL 6.1%.
IN OTHER STOCKS, CAR SHARES (09866.HK) HIT AN ALL-TIME HIGH IN EARNINGS FOR THE QUARTER AND GAINED 13.1 PERCENT. Kangfang Biologics (09926.HK) showed positive results from the Ivosi test, and its share price rose 15.8%. IN ADDITION, XINYI PHOTOENERGY (00968.HK) FELL 5.2 PERCENT, CHINJIAO CONSTRUCTION (01800.HK), ORIENTAL OVERSEAS (00316.HK), HANSEN (03692.HK) AND GOLDEN WIND TECHNOLOGY (02208.HK) FELL 5.8 PERCENT TO 6.8 PERCENT. China Power (00902.HK) and Longyuan (00916.HK), which were downgraded by Fortune, also fell more than 5%.