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<Market View> HSI Weakens as Chips, Handset Equipment and BYD Buck Trend
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Tech stocks including TENCENT (00700.HK) softened, with the HSI fluctuating lower today. The market is monitoring developments in US-Iran negotiations. Last Friday, the DJIA fell 0.2% while the Nasdaq rose 1.6%. At the time of writing, the US 2-year Treasury yield climbed to 3.784% and the US 10-year Treasury yield rose to 4.314%. The US Dollar Index slipped to 98.29. DJIA futures last fell 68 points or 0.14%, while Nasdaq futures edged up 4 points or 0.02%. Mainland China reported that profits of Added Value of Industries Above Designated Scale enterprises grew 15.8% YoY in March and increased 15.5% in 1Q26. The Shanghai Composite Index rose 6 points or 0.16% to close at 4,086, while the Shenzhen Component Index gained 55 points or 0.4% to 14,995. The ChiNext Index fell 0.5%. Total turnover of the Shanghai and Shenzhen markets reached RMB2.6 trillion. The HSI opened 1 point lower this morning. After falling 119 points in early trading to a trough of 25,858, it rebounded and once rose 107 points to a peak of 26,086, before turning softer again in the afternoon. The HSI closed down 52 points or 0.2% at 25,925. The HSCEI fell 19 points or 0.2% to 8,756, while the HSTECH rose 37 points or 0.8% to 4,939. Total market turnover for the day amounted to HKD251.634 billion. Northbound trading turnover totaled HKD106.281 billion, while southbound funds recorded a net outflow of HKD4.092 billion today (net inflow of HKD3.46 billion in the previous trading day). The preview release of DeepSeek V4 extended momentum in chip stocks. SMIC (00981.HK) and HUA HONG SEMI (01347.HK) surged 6.1% and 6% respectively, while BIDU (09888.HK) rose 3.5%. SMIC and HUA HONG Strong; Handset Stocks Rebound TENCENT (00700.HK) fell 3% to HKD478.6, with turnover of HKD21.736 billion. BABA (09988.HK) declined 1.2% to HKD130.2, with turnover of HKD6.82 billion. MEITUAN (03690.HK) and KUAISHOU (01024.HK) dropped 0.7% and 0.1% respectively, while JD.COM (09618.HK) slid 1.3%. Among AI-related names, ZHIPU AI (02513.HK) and MINIMAX (00100.HK) fell 2.2% and 3.5% respectively. Handset-related stocks advanced. LUXSHARE PRECISION (002475.SZ) jumped 9%. BYD ELECTRONIC (00285.HK) and LENS TECHNOLOGY (06613.HK) rose 2.7% and 3.6% respectively. SUNNY OPTICAL (02382.HK) and Q TECH (01478.HK) gained 5% and 5.4%, while COWELL (01415.HK) soared 13.2% to close at HKD33.4. ZTE (00763.HK) climbed 5.3%. Ming-Chi Kuo, analyst at TF International Securities, posted on social platform X that AI startup OpenAI is collaborating with MediaTek and QUALCOMM (QCOM.US) to develop smartphone processors, with LUXSHARE PRECISION (002475.SZ) serving as the exclusive system design and manufacturing partner, targeting mass production in 2028. 1,100 Stocks Decline; BYD Outperforms Market breadth in Hong Kong remained weak. The ratio of advancers to decliners among main board stocks was 22 to 28 (22 to 27 the previous day), with 1,159 stocks falling (2.5%). Among HSI constituents, 36 stocks rose while 53 declined, with an advance-to-decline ratio of 40 to 59 (51 to 48 the previous day). Short selling totaled HKD40.279 billion, accounting for 18.335% of the HKD219.685 billion turnover of securities eligible for short selling. BYD (01211.HK) rebounded 4.7% to close at HKD106, with turnover of HKD3.896 billion. LEAPMOTOR (09863.HK) gained nearly 2% to HKD47.24, while NIO (09866.HK) rose nearly 2% to HKD50.15. CLSA released a report on the Beijing Auto Show, noting that despite a weak demand environment in the Mainland auto market, the scale of this years show doubled from last year, with 160 new models unveiled. Automakers are leveraging the domestic market as a base to boost exports of new energy vehicles. At the show, BYDs Da Tang and Sea Lion 08 , GEELYs Zeekr 8X , LEAPMOTORs A10 and NIOs ES9 received the strongest responses. Feedback on new models from other emerging players such as LI AUTO-W (02015.HK), XPENG-W (09868.HK) and XIAOMI-W (01810.HK) appeared less positive due to a lack of surprises. At the Beijing Auto Show, BYDs new Da Tang seven-seater SUV attracted significant attention for its fast-charging capability and stylish design, securing 30,000 orders within one day of launch, highlighting strong market appeal. Although the company indicated that rising fixed costs may create short-term pressure, orders for the new model are encouraging, and its export target is expected to increase from 1.5 million units to between 1.6 million and 1.8 million units. This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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