Hong Kong Stock Benchmark Drops Below 20,000; NIO Sinks 7%; Alibaba Drops 4%

Market Express11-12

On Tuesday, November 12, 2024, the Hong Kong stock market experienced significant declines across major indices. The Hang Seng Index (HSI) fell by 2.84%, the Hang Seng China Enterprises Index (HSCEI) dropped by 3.11%, the Hang Seng Tech Index (HSTECH) decreased by 4.19%, and the Hang Seng Composite Index (HSCCI) was down by 2.45%.

In the sectoral performance, e-commerce stocks saw notable declines. Meituan fell by 5.33%, JD.com dropped by 5.01%, and Alibaba decreased by 3.77%. The banking sector also faced losses, with China Merchants Bank down by 2.34%. In the automotive sector, BYD Company saw a slight decline of 1.01% following changes in its joint venture with Guangzhou Automobile Group.

Other significant movements included Xiaomi, which fell by 2.90%, and Baidu, which dropped by 4.01% after releasing new AI technologies at the World 2024 Conference. CITIC Securities declined by 2.87% amid broader losses in Chinese brokerage stocks, with Huatai Securities down by 5.27% and CSC Financial falling by 6.08%. China Hongqiao saw a sharp decline of 8.70% despite a positive research report from HSBC Global Research. NIO also experienced a significant drop of 6.75%.

The market was influenced by various factors, including sector-specific news and broader economic sentiments.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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