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Bitcoin Dips 6% as Risk Assets Sold off; DJIA Futures Drop 200Pts+; HSI Loss Deepens to 500Pts+ After Midday
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Expectations for US interest rate cuts cooled, with the three major US stock indices falling between 0.8% and 1.2% overnight (17th), dented by techs. DJIA futures last slid 238 points or 0.5%, while S&P 500 futures and Nasdaq futures even dropped by 0.7% and 0.9%. Risk assets were sold off, with Bitcoin dipping approx. 6% to crash through the US$90,000 mark. It last printed at US$89,542, setting a nearly-7-month low. Hong Kong stocks extended its losses to over 500 points after midday. The HSI last sagged 545 points or 2.1% to 25,838, with a turnover of $200.987 billion. The HSTECH shed 137 points or 2.4% to last at 5,619. CHINAHONGQIAO (01378.HK) stumbled 6.69% to last at $30.14, making it the worst-performing blue chip, as it planned to raise a net proceeds of $11.49 billion through a top-up share placement at a discount of approx. 9.6%. Trading volume surged to 556 million shares, involving $16.392 billion. Its peers CHALCO (02600.HK) and NANSHAN AL INTL (02610.HK) also eroded 3.9-4.2%. Other major commodities stocks came under pressure, with JIANGXI COPPER (00358.HK), MMG (01208.HK), CHINFMINING (01258.HK), ZIJIN MINING (02899.HK) and CMOC (03993.HK) waning 3.7-4.9%. XPENG-W (09868.HK)'s 3Q results were in line with market consensus, though its 4Q revenue guidance missed forecasts. The stock fell below its 50-day MA (around $87.4), and last printed at $85.8, diving 10.63%, with 43.0667 million shares traded, involving $3.771 billion. Its peer blue chips BYD COMPANY (01211.HK) and LI AUTO-W (02015.HK) descended by 3.6-4.1%. In addition, NIO-SW (09866.HK), LEAPMOTOR (09863.HK) and SERES (09927.HK) faded over 4%. Heavy-weighting financials dragged down the market. Reports indicated disagreement within HSBC HOLDINGS (00005.HK)'s Board over the selection of a new chairman. HSBC HOLDINGS cascaded 2.7% to $109.1 after midday, with turnover of $1.144 billion. AIA (01299.HK) receded 3.5%, while BOC HONG KONG (02388.HK) declined 2.2%. HKEX (00388.HK) dropped 1.7%, while PING AN (02318.HK) and CHINA LIFE (02628.HK) cratered 2.5% and 3.9%. CCB (00939.HK), ICBC (01398.HK) and BANK OF CHINA (03988.HK) faded 1.2-1.9%. Techs weakened, with LENOVO GROUP (00992.HK) cratering 4.5% to $9.64 after Morgan Stanley downgraded rating to Equalweight and cut its target price to $10.2, citing concerns that rising memory procurement costs would squeeze profit margins. KUAISHOU-W (01024.HK) sagged over 4%, while TENCENT (00700.HK), BIDU-SW (09888.HK) and MEITUAN-W (03690.HK) descended 2.2-2.8%. BABA-W (09988.HK) and JD-SW (09618.HK) slid 0.7-1%. TRIP.COM-S (09961.HK) added 0.9% to last at $560.5, with turnover of $1.27 billion. TRIP.COM-S' 3Q non-GAAP net profit was RMB19.156 billion, up 2.21x YoY. AAStocks Financial News Website: www.aastocks.com |
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