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Hong Kong Stocks Weaken Ahead of Long Holiday; CHINA LIFE (02628.HK) Up 4%; SMIC (00981.HK) Sought After
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Brent oil futures climbed to USD120.92 per barrel. Hong Kong stocks trended lower today (30) ahead of the "May 1" long holiday. The Federal Reserve kept interest rates unchanged as expected. Overnight (29), the DJIA and Nasdaq fell 0.6% and edged up nearly 0.04%, respectively. At the time of writing, the US 2-year Treasury yield fell to 3.918%, while the US 10-year Treasury yield declined to 4.412%. The US dollar index slipped to 98.84. DJIA futures last fell 192 points or 0.4%, while Nasdaq futures rose 37 points or 0.14%. Chinas official manufacturing PMI for April came in at 50.3 (market forecast 50.1), while the official non-manufacturing PMI for April was 49.4, below expectations. The Shanghai Composite Index rose 4 points or 0.1% to close at 4,112, while the Shenzhen Component Index fell 13 points or 0.09% to 15,107. Total turnover on the Shanghai and Shenzhen markets reached RMB2.74 trillion. The HSI opened 103 points lower and remained weak, slipping below the 26,000 level. It once dropped 377 points to a trough of 25,734, and closed down 335 points or 1.3% at 25,776. The HSCEI fell 123 points or 1.4% to 8,681. The HSTECH declined 38 points or 0.8% to 4,871. Total market turnover amounted to HKD291.553 billion. Northbound and southbound trading turnover totaled HKD121.147 billion, while southbound funds recorded a net inflow of HKD12.192 billion today (net outflow of HKD3.952 billion in the previous trading day). Southbound trading will be suspended from tomorrow (May 1) to next Tuesday (May 5) due to the long holiday, and will resume next Wednesday (6). BYD COMPANY (01211.HK) slid 5.4%. XIAOMI-W (01810.HK) fell below the HKD30 level, closing down 3.7% at HKD29.02. CHINA LIFE (02628.HK) rose 4.5% for the day after reporting quarterly results. For the week, the HSI accumulated a decline of 201 points or 0.8%, the HSCEI fell 93 points or 1.1%, and the HSTECH dropped 30 points or 0.6%. Southbound funds recorded a net inflow of HKD18.672 billion this week (compared with a net inflow of HKD16.777 billion last week). In April, the HSI gained 988 points or 4%, the HSCEI rose 307 points or 3.7%, and the HSTECH climbed 221 points or 4.8%. Southbound funds recorded a net inflow of HKD56.541 billion in April (compared with HKD61.4 billion last month). Chip Stocks Rally; SMIC Sought After AI chipmaker CAMBRICON (688256.SH) reported 1Q net profit surging 185.04% YoY, hitting limit-up at close and a record high. Peer SMIC (00981.HK) jumped 7.8% to close at HKD70.9, with turnover of HKD11.667 billion, making it the best-performing blue chip. HUA HONG SEMI (01347.HK) rose 5.6%, ILUVATAR COREX (09903.HK) soared 21.3%, and BIREN TECH (06082.HK) gained 8.2%. In addition, AI large-model stock KNOWLEDGE ATLAS (02513.HK) advanced 6.3% after disclosing a technological breakthrough in its GLM-5 model. TENCENT (00700.HK) fell 2.4% to HKD467.8, with turnover of HKD17.985 billion. NTES-S (09999.HK) rose 2.3%. Among other tech stocks, BABA-W (09988.HK) declined 3.5%. KUAISHOU-W (01024.HK), JD-SW (09618.HK) and BIDU-SW (09888.HK) each dropped 1% to 1.4%, while MEITUAN-W (03690.HK) edged up 0.1%. YOFC (06869.HK) slumped 13.8% to HKD199 after announcing its first-quarter results, with turnover of HKD7.365 billion. UBS noted in a research report that YOFCs 1Q results missed market expectations. Revenue reached RMB3.7 billion, up 28% YoY; gross profit was RMB1.5 billion, up 90% YoY; and net profit was RMB495 million, up 226% YoY. The broker expects gross margin to continue improving in the coming quarters, driven by ongoing product mix optimization and gradual reflection of higher fiber prices in contract renewals. However, YOFCs 1Q net profit of RMB495 million was below the buy-side expectation of RMB800 million to RMB1 billion, and UBS expects a negative short-term market reaction. Nevertheless, it remains confident in the companys earnings growth over the next few quarters, noting that it will take time for higher fiber prices to be fully reflected. YOFC Slumps; STANCHART Rises After Results Short selling today amounted to HKD50.979 billion, accounting for 19.6% of the HKD260.098 billion turnover of securities eligible for short selling (21.042% in the previous day). STANCHART (02888.HK) reported 1Q pre-tax profit of USD2.45 billion, up 16.5% and beating expectations. The stock rose 1.9% to HKD190.8. M Stanley said in a research report that STANCHART delivered strong 1Q revenue, driven by wealth management, exceeding market and its own forecasts by 6% and 4%, respectively. The bank made an additional provision of USD190 million related to the Middle East conflict, partly offset by recoveries and provision write-backs. While STANCHART remains cautious on the outlook, risks are seen as manageable. Investors will closely monitor the macroeconomic environment. M Stanley maintained an Overweight rating with a TP of HKD195. 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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