Hong Kong Stocks Slide Amid Mixed Earnings; Jiangsu Lopal Tech Shares Fall 16% in HK Debut

MT Newswires Live10-30

Hong Kong stocks snapped a three-day winning streak as investor sentiment remained jittery amid mixed earnings and anticipation of new fiscal support measures.

The Hang Seng Index fell 1.55%, or 320.5 points, at 20,380.64. The Hang Seng China Enterprises index lost 1.77%, or 131.03 points, at 7,286.5.

Investors are assessing mixed earnings reports as they look ahead to next week's legislative meeting, which may introduce new measures to buoy the economy.

Tsingtao Brewery (HKG:0168, SHA:600600) saw its Hong Kong shares drop 5% after it reported a 9% drop in attributable profit for the third quarter to 1.35 billion yuan.

Aluminum Corp. of China or Chalco's (HKG:2600, SHA:601600) Hong Kong shares plunged 12% at the day's close despite a 3% boost in profit in the third quarter to 2 billion yuan amid a 16% revenue jump.

Standard Chartered's (HKG:2888) shares, on the other hand, rose 3% after its underlying pretax profit jumped 172% to $1.72 billion in the third quarter.

In corporate news, Jiangsu Lopal Tech (HKG:2465, SHA:603906) made a weak trading debut in Hong Kong on Wednesday. The LFP cathode material maker and automotive specialty chemical manufacturer's shares slid 16% to HK$4.75 at the day's close from its IPO price of HK$5.50.

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