‘Zheng Zheng Jing Jing’ The Hang Seng Tech Index plunged 2% at one point in the afternoon yesterday (20th), hitting a new low for the recent correction. By the close, the Hang Seng Tech Index was down 1.5%.
The Hang Seng Index fell 1.3%, losing the 24,000 level again. The H-share Index dropped 1.2%.
*Gold prices continue to fall, metal stocks weak*
Most large tech and internet stocks declined, among which Alibaba (09988) fell 3.6%, Tencent (00700) dropped 1.8%, JD.com (09618) declined 1.6%, Baidu (09888) fell 1.1%, while Meituan (03690) and Xiaomi (01810) rose against the trend.
International gold prices fell for three consecutive days, dragging gold stocks and non-ferrous metal stocks lower together; copper prices under pressure at high levels, copper stocks also fell significantly; CATL (03750), the lithium battery leader, continued to plunge 6.6%, hitting a new low for the period!
Institutions expect securities firms’ proprietary investment returns to face quarter-on-quarter pressure in the third quarter. Chinese securities stocks extended losses in the afternoon, with the leader CITIC Securities (06030) plunging nearly 7%, performing the worst; Britain plans to impose taxes on banks, causing British bank stocks to fall, Standard Chartered (02888) dropped over 4%. On the other hand, biopharmaceutical stocks were generally active, with innovative drug-related stocks leading the gains, Lepu Bio (02157) and Hansoh Pharmaceutical (03692) among the top gainers; robotics-related stocks remained active throughout the day, SEER (06106) surged as much as 17%; film stocks, rare earth-related stocks, dairy stocks, and tea beverage stocks mostly rose.
A-share insurance stocks fell collectively, dragging down Hong Kong insurance stocks.
Since the third quarter, A-share style rotation has accelerated, with the Shanghai Composite Index generally showing a volatile downward trend. During this period, dividend-type assets rose against the trend, and Hong Kong stocks were also affected. According to Wind, in the third quarter of this year, among the 31 SW Industries Level-1 sector indices, the top five in terms of gains were coal, petroleum & petrochemicals, agriculture, forestry & fishing, banking, and pharmaceuticals & biotechnology, with gains of 19.3%, 15.3%, 15.1%, 14.6%, and 10.1%, respectively.
The performance of Hong Kong stocks was similarly affected; trading according to the trend can help avoid losses.
(Investment involves risk, and investors have different risk tolerance levels; independent thinking is essential. The author will trade according to market conditions.)
*Articles published in ‘Economic Daily’ with or without a byline reflect the authors’ personal opinions and do not represent the stance of ‘Economic Daily’. ‘Economic Daily’ plays the role of providing a free speech platform.
The Hang Seng Index fell 1.3%, losing the 24,000 level again. The H-share Index dropped 1.2%.
*Gold prices continue to fall, metal stocks weak*
Most large tech and internet stocks declined, among which Alibaba (09988) fell 3.6%, Tencent (00700) dropped 1.8%, JD.com (09618) declined 1.6%, Baidu (09888) fell 1.1%, while Meituan (03690) and Xiaomi (01810) rose against the trend.
International gold prices fell for three consecutive days, dragging gold stocks and non-ferrous metal stocks lower together; copper prices under pressure at high levels, copper stocks also fell significantly; CATL (03750), the lithium battery leader, continued to plunge 6.6%, hitting a new low for the period!
Institutions expect securities firms’ proprietary investment returns to face quarter-on-quarter pressure in the third quarter. Chinese securities stocks extended losses in the afternoon, with the leader CITIC Securities (06030) plunging nearly 7%, performing the worst; Britain plans to impose taxes on banks, causing British bank stocks to fall, Standard Chartered (02888) dropped over 4%. On the other hand, biopharmaceutical stocks were generally active, with innovative drug-related stocks leading the gains, Lepu Bio (02157) and Hansoh Pharmaceutical (03692) among the top gainers; robotics-related stocks remained active throughout the day, SEER (06106) surged as much as 17%; film stocks, rare earth-related stocks, dairy stocks, and tea beverage stocks mostly rose.
A-share insurance stocks fell collectively, dragging down Hong Kong insurance stocks.
Since the third quarter, A-share style rotation has accelerated, with the Shanghai Composite Index generally showing a volatile downward trend. During this period, dividend-type assets rose against the trend, and Hong Kong stocks were also affected. According to Wind, in the third quarter of this year, among the 31 SW Industries Level-1 sector indices, the top five in terms of gains were coal, petroleum & petrochemicals, agriculture, forestry & fishing, banking, and pharmaceuticals & biotechnology, with gains of 19.3%, 15.3%, 15.1%, 14.6%, and 10.1%, respectively.
The performance of Hong Kong stocks was similarly affected; trading according to the trend can help avoid losses.
(Investment involves risk, and investors have different risk tolerance levels; independent thinking is essential. The author will trade according to market conditions.)
*Articles published in ‘Economic Daily’ with or without a byline reflect the authors’ personal opinions and do not represent the stance of ‘Economic Daily’. ‘Economic Daily’ plays the role of providing a free speech platform.
