Hong Kong Stocks Extend Losses; Beijing Biostar Pharmaceuticals Soars 30% in Debut

MT Newswires Live10-31

Hong Kong stocks fell for a second day straight Thursday, taking cues from overnight losses on Wall Street as U.S. chip stocks tumbled and investors awaited corporate earnings.

The Hang Seng Index fell 0.31%, or 63.31 points, at 20,317.33. The Hang Seng China Enterprises index also lost 0.31%, or 22.39 points, at 7,264.11.

Investor sentiment remained sour despite China's services and manufacturing activity, measured by the manufacturing purchasing manager's index (PMI), rising in October for the first time in six months.

The PMI increased to 50.1 in October compared with 49.8 in September, beating predictions of a 49.9 contraction, data from the National Bureau of Statistics released Thursday stated.

Non-manufacturing activity maintained its upward momentum in the month with PMI rising to 50.2 in October from 50 in September. Composite PMI, which gauges services and manufacturing activity, increased to 50.8 during the month from 50.4 in September.

On the corporate front, Beijing Biostar Pharmaceuticals (HKG:2563) made a stellar trading debut in Hong Kong on Thursday as the biotech firm closed at HK$20.80 per share, up 30% from its IPO price of HK$16.

Elsewhere, two firms launched their initial public offering Thursday.

Electronic products firm APT Electronics (HKG:2551) is looking to raise as much as HK$121.3 million from an offering of 33,600,000 shares at an indicative price of HK$3.61 per share.

E-commerce company AuGroup (SHENZHEN) Cross-Border Business (HKG:2519) offered 29,894,700 shares at an indicative price of between HK$14.56 and HK$15.60 apiece to raise up to HK$466.4 million from its IPO.

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