The three major Hong Kong stock indices all declined. At the close, the Hang Seng Index fell 1.43% to 23,785.79, the Hang Seng Tech Index dropped 2.89%, and the China Enterprises Index slipped 0.89%.
Internet sector stocks broadly retreated, with Lenovo Group Ltd (HKG: 0992) down more than 8%, Kuaishou Technology (HKG: 1024) and Baidu Inc (HKG: 9888) each down over 3%, and Tencent Holdings Ltd (HKG: 0700) falling more than 2%.
Coal stocks were active, with China Coal Energy Company Ltd (HKG: 1898) rising more than 2%. Coal inventories at Indian power plants have fallen to near five-year lows. Facilities accounting for over 40% of the nation's coal-fired power generation capacity currently hold stockpiles sufficient for only four days or less, heightening the risk of widespread blackouts. Additionally, monthly coal exports from Indonesia, the world's largest coal exporter, hit a five-year low.
Oil stocks advanced collectively, with China Oilfield Services Ltd (HKG: 2883) gaining more than 5%. The U.S. Energy Information Administration (EIA) sharply raised its full-year average price forecasts for Brent and WTI crude in 2026 and 2027 in its October Short-Term Energy Outlook, reinforcing market expectations that oil prices will remain elevated in the fourth quarter.
Semiconductor and chip stocks came under pressure, with Montage Technology Co Ltd (HKG: 688008) dropping more than 6%. On October 8, Samsung Electronics released its latest earnings preview, projecting third-quarter sales of 195.00 trillion Korean won, a year-on-year increase of 127%, versus market estimates of 201.9 trillion won. It forecast third-quarter operating profit of 107.40 trillion won, up 783% year-on-year, compared with market expectations of 108.67 trillion won. While overall growth remained strong, both figures fell short of expectations.
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