Hong Kong Stocks Break Winning Streak; JD.com Slides 8%

MT Newswires Live2024-10-03

Hong Kong stocks ended Thursday on a sour note as investors took profits after a surge fueled by Chinese stimulus measures.

The Hang Seng Index shed 1.47%, or 330.22 points, at 22,113.51, breaking a six-day winning streak. The Hang Seng China Enterprises index lost 1.58%, or 127.11 points, at 7,914.16, also snapping a 13-day streak of gains.

Analysts believe the pullback from the rally is temporary, with additional stimulus measures expected to reignite investor confidence, leading to a recovery in the buying spree, according to a South China Morning Post report.

Short-term gains in equities can be seen in the future, however, it is "unlikely" that China's business cycle will see a recovery, analysts at Montreal-based BCA Research said in a note cited by the SCMP. They added that the worsening conflict between Iran and Israel may have an impact on risk sentiment.

Stocks of e-commerce giant Alibaba (HKG:9988), tech firm Baidu (HKG:9888), and e-commerce operator JD.com (HKG:9618) all tumbled on Thursday after recording substantial gains the previous session.

Alibaba fell by 4.2% at the close of trading, while Baidu and JD.com recorded a 5.6% and 7.9% drop, respectively.

In corporate news, C&D International Investment Group (HKG:1908) stocks slipped 5% at the end of the day's trade as the company saw a substantial 35% year-over-year drop in contracted sales for the first nine months of 2024.

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The Hang Seng China Enterprises index lost 1.58%, or 127.11 points, at 7,914.16, also snapping a 13-day streak of gains.</p><p>Analysts believe the pullback from the rally is temporary, with additional stimulus measures expected to reignite investor confidence, leading to a recovery in the buying spree, according to a South China Morning Post report.</p><p>Short-term gains in equities can be seen in the future, however, it is \"unlikely\" that China's business cycle will see a recovery, analysts at Montreal-based BCA Research said in a note cited by the SCMP. 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