NIO Down 5.5%, Alibaba Down 1.7%: Hong Kong Stocks Drop to Halt Monthly Gain

South China Morning Post09-02

Hong Kong stocks slid to halt a monthly gain as an official report showed that manufacturing in China contracted for a fourth consecutive month and a slew of companies reported disappointing results....

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Comments

Naz82
09-02
Naz82
the leadership has to do sonething but it doesn't seemed to concerned?
TigerVision888
09-02
TigerVision888
Always like that. Been a while. No more confidence

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The Hang Seng Tech Index dropped 1.8 per cent, and the Shanghai Composite Index retreated 0.6 per cent.</p><p>New World Development tumbled 12.4 per cent to HK$6.88 after forecasting a loss of as much as HK$20 billion (US$2.56 billion) for the financial year ending in June. Industrial and Commercial Bank of China sank 2.9 per cent to HK$4.36 and China Construction Bank dropped 1.8 per cent to HK$5.42 after both of the state-backed lenders posted a 1.8 per cent profit decline in the first half.</p><p>The purchasing managers index, a survey of sentiment among Chinese factory owners, stayed at 49.1 in August, the National Bureau of Statistics said over the weekend, down from 49.4 in July and short of the consensus estimate of 49.5. Any reading below 50 indicates contraction.</p><p>The rebound in Hong Kong in August may present some challenges as traders digest the weak results, which may trigger earnings downgrades. 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The Hang Seng Tech Index dropped 1.8 per cent, and the Shanghai Composite Index retreated 0.6 per cent.New World Development tumbled 12.4 per cent to HK$6.88 after forecasting a loss of as much as HK$20 billion (US$2.56 billion) for the financial year ending in June. Industrial and Commercial Bank of China sank 2.9 per cent to HK$4.36 and China Construction Bank dropped 1.8 per cent to HK$5.42 after both of the state-backed lenders posted a 1.8 per cent profit decline in the first half.The purchasing managers index, a survey of sentiment among Chinese factory owners, stayed at 49.1 in August, the National Bureau of Statistics said over the weekend, down from 49.4 in July and short of the consensus estimate of 49.5. Any reading below 50 indicates contraction.The rebound in Hong Kong in August may present some challenges as traders digest the weak results, which may trigger earnings downgrades. The Hang Seng Index rose 3.7 per cent last month, the biggest monthly gain since April, on expectations the Federal Reserve will cut the interest rate for the first time in four years amid cooing inflation and a softening labour market.Other major Asian markets were mixed. Japan’s Nikkei 225 climbed 0.2 per cent and South Korea’s Kospi was plat, while Australia’s S&P/ASX 200 lost 0.2 per cent.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":345105289851184,"gmtCreate":1725246997278,"gmtModify":1725247000765,"author":{"id":"4146204832639872","authorId":"4146204832639872","name":"TigerVision888","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"4146204832639872","idStr":"4146204832639872"},"htmlText":"Always like that. Been a while. No more confidence&nbsp;","listText":"Always like that. Been a while. No more confidence&nbsp;","text":"Always like that. Been a while. No more confidence","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/345105289851184","repostId":1110955791,"repostType":2,"repost":{"id":"1110955791","pubTimestamp":1725245777,"share":"https://ttm.financial/m/news/1110955791?lang=&edition=fundamental","pubTime":"2024-09-02 10:56","market":"hk","language":"en","title":"NIO Down 5.5%, Alibaba Down 1.7%: Hong Kong Stocks Drop to Halt Monthly Gain","url":"https://stock-news.laohu8.com/highlight/detail?id=1110955791","media":"South China Morning Post","summary":"Hong Kong stocks slid to halt a monthly gain as an official report showed that manufacturing in China contracted for a fourth consecutive month and a slew of companies reported disappointing results.T","content":"<html><head></head><body><p>Hong Kong stocks slid to halt a monthly gain as an official report showed that manufacturing in China contracted for a fourth consecutive month and a slew of companies reported disappointing results.</p><p>The Hang Seng Index fell 1.6 per cent to 17,703.54 as of 10.50am local time. The Hang Seng Tech Index dropped 1.8 per cent, and the Shanghai Composite Index retreated 0.6 per cent.</p><p>New World Development tumbled 12.4 per cent to HK$6.88 after forecasting a loss of as much as HK$20 billion (US$2.56 billion) for the financial year ending in June. Industrial and Commercial Bank of China sank 2.9 per cent to HK$4.36 and China Construction Bank dropped 1.8 per cent to HK$5.42 after both of the state-backed lenders posted a 1.8 per cent profit decline in the first half.</p><p>The purchasing managers index, a survey of sentiment among Chinese factory owners, stayed at 49.1 in August, the National Bureau of Statistics said over the weekend, down from 49.4 in July and short of the consensus estimate of 49.5. Any reading below 50 indicates contraction.</p><p>The rebound in Hong Kong in August may present some challenges as traders digest the weak results, which may trigger earnings downgrades. The Hang Seng Index rose 3.7 per cent last month, the biggest monthly gain since April, on expectations the Federal Reserve will cut the interest rate for the first time in four years amid cooing inflation and a softening labour market.</p><p>Other major Asian markets were mixed. Japan’s Nikkei 225 climbed 0.2 per cent and South Korea’s Kospi was plat, while Australia’s S&amp;P/ASX 200 lost 0.2 per cent.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/bfb278e902ca4fe048c8e4a3d8414bb1\" tg-width=\"360\" tg-height=\"2369\"/></p><p></p></body></html>","source":"lsy1600132093512","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NIO Down 5.5%, Alibaba Down 1.7%: Hong Kong Stocks Drop to Halt Monthly Gain</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNIO Down 5.5%, Alibaba Down 1.7%: Hong Kong Stocks Drop to Halt Monthly Gain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-09-02 10:56 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.scmp.com/business/china-business/article/3276799/hong-kong-stocks-drop-halt-monthly-gain-weak-china-manufacturing-corporate-results><strong>South China Morning Post</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hong Kong stocks slid to halt a monthly gain as an official report showed that manufacturing in China contracted for a fourth consecutive month and a slew of companies reported disappointing results....</p>\n\n<a href=\"https://www.scmp.com/business/china-business/article/3276799/hong-kong-stocks-drop-halt-monthly-gain-weak-china-manufacturing-corporate-results\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HSTECH":"恒生科技指数","HSCEI":"国企指数","HSI":"恒生指数"},"source_url":"https://www.scmp.com/business/china-business/article/3276799/hong-kong-stocks-drop-halt-monthly-gain-weak-china-manufacturing-corporate-results","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110955791","content_text":"Hong Kong stocks slid to halt a monthly gain as an official report showed that manufacturing in China contracted for a fourth consecutive month and a slew of companies reported disappointing results.The Hang Seng Index fell 1.6 per cent to 17,703.54 as of 10.50am local time. The Hang Seng Tech Index dropped 1.8 per cent, and the Shanghai Composite Index retreated 0.6 per cent.New World Development tumbled 12.4 per cent to HK$6.88 after forecasting a loss of as much as HK$20 billion (US$2.56 billion) for the financial year ending in June. Industrial and Commercial Bank of China sank 2.9 per cent to HK$4.36 and China Construction Bank dropped 1.8 per cent to HK$5.42 after both of the state-backed lenders posted a 1.8 per cent profit decline in the first half.The purchasing managers index, a survey of sentiment among Chinese factory owners, stayed at 49.1 in August, the National Bureau of Statistics said over the weekend, down from 49.4 in July and short of the consensus estimate of 49.5. Any reading below 50 indicates contraction.The rebound in Hong Kong in August may present some challenges as traders digest the weak results, which may trigger earnings downgrades. The Hang Seng Index rose 3.7 per cent last month, the biggest monthly gain since April, on expectations the Federal Reserve will cut the interest rate for the first time in four years amid cooing inflation and a softening labour market.Other major Asian markets were mixed. Japan’s Nikkei 225 climbed 0.2 per cent and South Korea’s Kospi was plat, while Australia’s S&P/ASX 200 lost 0.2 per cent.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":4,"commentSize":2,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1110955791"}