Hong Kong Stocks Close Lower; Chinese Developers Surge with Ronshine China up 121%

Market Express10-16

Hong Kong stocks extended a two-day decline as investors await more clarity on fiscal stimulus from Beijing that is perceived as critical to sustain a 20 per cent gain over the past month.

The Hang Seng Index (HSI) fell by 0.16%, the Hang Seng China Enterprises Index (HSCEI) dropped by 0.14%, and the Hang Seng Tech Index (HSTECH) declined by 1.09%. However, the Hang Seng China-Affiliated Corporations Index (HSCCI) rose by 0.92%.

Chinese property developers surged as investors anticipate more support measures for the troubled sector from a housing ministry press conference scheduled for Thursday. Ronshine China rose 121%; Sunac China rose 40%; R&F Properties rose 33%; Logan Group rose 24%; China Vanke rose 19%; Longfor Group rose 8%; China Overseas Land and Development rose 4%.

Stocks traders are also keeping an eye on Wednesday’s third policy address by Hong Kong Chief Executive John Lee Ka-chiu. He unveiled plans to set aside HK$10 billion (US$1.29 billion) for technology innovation, while pledging to attract private-equity funds, collaborate more with sovereign funds in the Middle East and boost the number of stock listings.

Among the star stocks, NIO rose 1.6%, Meituan rose 1.4%, Tencent fell 0.3%, Alibaba fell 0.9%, Baidu fell 1%, Xiaomi and SMIC fell 1.3%, JD.com and XPeng fell more than 3%.

Other notable movements included China Jinmao rising by 8.49%, China Hongqiao up by 4.67%, and JD Logistics increasing by 4.05% after a positive report from BOCOM International, which raised its target price and maintained a "buy" rating.

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However, the Hang Seng China-Affiliated Corporations Index (HSCCI) rose by 0.92%.<br/><br/>Chinese property developers surged as investors anticipate more support measures for the troubled sector from a housing ministry press conference scheduled for Thursday. Ronshine China rose 121%; Sunac China rose 40%; R&amp;F Properties rose 33%; Logan Group rose 24%; China Vanke rose 19%; Longfor Group rose 8%; China Overseas Land and Development rose 4%.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/7e69fcee5935ef7cff9067f9dc33a363\" title=\"\" tg-width=\"354\" tg-height=\"2767\"/></p><p>Stocks traders are also keeping an eye on Wednesday’s third policy address by Hong Kong Chief Executive John Lee Ka-chiu. 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