Drawn by the fall in Chinese stocks, Heng pointed to the pullback today (11th) and held the seven-year mark. US stocks advanced overnight, with the Dow down 0.2% and 0.8% respectively. At the time of writing, the US 2-year bond yield fell to 3.563pc, the US 10-year bond yield fell to 3.61pc, the US dollar index fell to 101.41, the US presidential candidate held a televised debate, and the Dow futures fell 165 points or 0.4% per annum. Futures were last down 0.46%. The benchmark index fell 22 points, or 0.8%, to 2,721 points on the whole day, rising 0.4 percent, while Shanghai's two markets traded close to RMB499.6 billion.
The Hang Seng closed down 182 points, then extended its decline to 269 points to a low of 16,964. The decline narrowed in the afternoon, falling 125 points, or 0.7%, to close at 17,108; the CPI fell 43 points, or 0.7%, to close at 5,982 points; and the Hang Seng Technology Index gained less than 1 point to close at 3,450. The total daily trading volume of the major market is $105.785 billion.
CHUNNING DE (300750.SZ) YICHUNSHAO WO MINE CEASED PRODUCTION, WHILE TIANQI'S (09696.HK) GANFENG (01772.HK) ALL-DAY SHARE PRICE SURGED 13.2% AND 9% RESPECTIVELY. SUPERSTAR LEGENDS (06683.HK) FELL SLIGHTLY HIGHER BY CLOSE TO 0.8 PERCENT EARLIER THIS MORNING, DROPPING MORE THAN 72 PERCENT TO CLOSE AT $2.04 EARLY ON THE FULL DAY.
【High Special Valuation Defeated in Lithium Stocks】
In a separate move, Tencent (00700.HK) gained 0.4 percent to $370.2, Merion-W (03690.HK) rose 0.4 percent, and Ali-W (009988.HK) shed 0.2 percent to close at $81.45 for a deal worth $6.83 billion, making Hong Kong stocks the second highest on the list. China Securities reported that Ali was formally incorporated into Hong Kong stock yesterday. The bank continued to see the company's improved competitive position, accelerated recovery, profit growth and attractive shareholder returns. The bank reaffirmed its “upside” rating with a target price of HK$123. Alibaba, following the successful completion of the Hong Kong-US dual major, was formally incorporated into Hong Kong shares yesterday, which it expects to incorporate into Hong Kong equities or generate a 10 to 15 per cent increase in liquidity.
CHINESE STOCKS FELL, WITH CHINA PETROLEUM (00386.HK) AND CHINA OIL (00883.HK) DOWN MORE THAN 2%, INDUSTRIAL CO (01398.HK) DOWN 2.1%, CHINA MOBILE (00941.HK) AND CHINA TELECOM (00728.HK) DOWN 1.3% AND 2.1% RESPECTIVELY.
【Declining 1,000 sports stocks are under pressure】
Hong Kong stocks weakened today. Mainboard shares rose 14 percent to 27 (12.31 on the previous day), 1,129 shares fell (down 2.8%), Hang Index shares rose 21 shares today, 60 shares fell and 26 to 73 billion (30 billion on the previous day); the stock market closed at 15,185 yuan today. It accounted for 16.44% of the outstanding shares traded at $92.371 billion (15.326% on the previous day).
Sporting goods distributor Taebo (06110.HK) issued a profit warning, with its share price slumping 16.2% to $2.23 on the day. PEERS LI NING (02331.HK) AND AN PEC (02020.HK) EACH FELL 4.1% AND 3.3%, RESPECTIVELY, AND TEXTILE STOCKS SHENZHOU (02313.HK) FELL 4.9%.
A report by the Bank of China said that the profit warning forecast that retail sales of sportswear were weaker than expected, with profits forecast to decline by about 35% year-on-year in the first half of fiscal year 2025 (March to August this year). With a profit of RMB 1.337 billion for the mid-term fiscal year 2024, it means that the profit for the first half of fiscal 2025 will be around RMB 0.869 billion, 33% of RMB 2.634 billion for the original forecast of RMB 2.634 billion, and 38% of the market's expectation of about RMB 2.3 billion. Therefore, the performance of the first half of the financial year is likely to be quite disappointing for the market.