Hong Kong Stocks End Week Flat; NetEase Plunges 10% on Q2 Profit Decline

MT Newswires Live08-23

Hong Kong Stocks End Week Flat; NetEase Plunges 10% on Q2 Profit Decline Hong Kong stocks fell marginally on Friday, ending the week flat in negative territory, as investors remain cautious amid weak ...

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NetEase Plunges 10% on Q2 Profit Decline Hong Kong stocks fell marginally on Friday, ending the week flat in negative territory, as investors remain cautious amid weak earnings while awaiting more information expected later today on potential US rate cuts.The Hang Seng Index marginally fell to finish today's session at 17,612.1. The Hang Seng China Enterprises Index saw a minor decrease at 6,219.24.Multiple companies on the Hong Kong bourse saw their shares plunge after posting disappointing earnings. NetEase (HKG:9999) fell by over 10% after it posted a decline in attributable profit for the second quarter to 6.76 billion yuan.Build King Holdings (HKG:0240) also dropped nearly 9% after its attributable profit for the first half plunged to HK$148.2 million from HK$250.3 million a year prior.Hong Kong stocks also took cues from Wall Street, which saw a sell-off amid uncertainty regarding potential rate cuts due to mixed economic data coming to the forefront in recent times, a South China Morning Post report said.The central bank's chair, Jerome Powell, will give a speech later today and is expected to hint at the direction the US Fed may take with regard to a rate cut.Limiting losses, Ascentage Pharma Group International (HKG:6855) rose 3% after it turned to an attributable profit of 163 million yuan for the six months ended June 30 from a 402.4 million yuan year-ago loss.","kind":null,"is_publish_news":false,"is_publish_highlight":false,"is_publish_live":true,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"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/2461778551"}