Hong Kong stock market experienced a significant decline on Wednesday. The Hang Seng Index (HSI) fell by 1.55%, the Hang Seng China Enterprises Index (HSCEI) dropped by 1.77%, the Hang Seng Tech Index (HSTECH) decreased by 2.38%, and the Hang Seng China-Affiliated Corporations Index (HSCCI) declined by 1.44%.
Among the industry sectors, Hypermarkets & Super Centers saw a notable increase of 10.36%, while Housewares & Specialties rose by 3.80%. Other sectors such as Application Software, IT Consulting & Other Services, Distributors, and General Merchandise Stores also posted gains.
In terms of individual stocks, RUSAL surged by 8.90% following the announcement of a buyback plan. The market is optimistic about the company's future, despite expectations of a slowdown in Chinese aluminum demand. The company also highlighted that the primary market remains structurally short, and reduced borrowing costs along with Chinese stimulus measures are expected to boost demand.
CHINASOFT INT'L rose by 5.55%, while YUEXIU PROPERTY increased by 2.95%. CHINA EAST AIR and AIR CHINA also saw gains of 3.23% and 3.41%, respectively.
On the downside, GEELY AUTO fell by 2.96% after the European Union decided to impose a five-year anti-subsidy duty on electric vehicles imported from China. This decision also affected NIO-SW, which dropped by 6.58%.
HORIZONROBOT-W experienced a significant increase of 15.78%, while CHABAIDAO rose by 6.69%. GCL TECH and FLAT GLASS also posted gains of 4.40% and 4.73%, respectively.
On the other hand, CHALCO plummeted by 11.93%, and TIGERMED dropped by 11.19%. SMIC and NIO-SW also saw significant declines of 7.32% and 6.58%, respectively.
Additionally, HKEX fell by 1.15% despite announcing plans to open an office in Riyadh, Saudi Arabia, in 2025 to strengthen its presence in the Middle East and enhance connections between China and the Gulf region.
In summary, the Hong Kong stock market faced a broad decline, with notable gains in specific sectors and individual stocks like RUSAL and Horizon Robotics, while others like Geely Auto and NIO faced significant losses due to external regulatory decisions.
Comments