Hong Kong shares fall as CATL plunges over 10% after results
Hong Kong stocks traded near 24,000 points before falling. The Hang Seng Index closed 83 points lower at 23,784. CATL tumbled over 10% after quarterly results, the biggest blue-chip loser. Consumer stocks fell, while biotech and some financial shares rose.
Hong Kong stocks traded near the 24,000-point mark on 21 October before reversing gains. The Hang Seng Index hit a high of 24,139 points, up more than 270 points, but later turned lower to close the morning session at 23,784 points, a drop of 83 points or 0.35 per cent. Turnover on the main board was only 90.4 billion Hong Kong dollars.
The technology index fell 0.75 per cent to 4,015 points. Most of the so-called ATMXJ stocks — Alibaba, Tencent, Xiaomi, JD.com and Meituan — declined. Meituan and Tencent fell nearly 2 per cent, but Xiaomi held steady.
CATL (Contemporary Amperex Technology Co.) plunged more than 10 per cent after releasing its quarterly results, making it the worst-performing blue-chip stock. Automakers also headed lower, with BYD dropping nearly 3 per cent, and XPeng and Nio both falling more than 1 per cent.
Consumer stocks came under pressure. Laopu Gold and Pop Mart fell 4 per cent or more, while Li Ning dropped nearly 3 per cent.
Biopharmaceutical stocks bucked the trend. BeiGene rose more than 4 per cent and China National Pharmaceutical (CSPC) gained more than 3 per cent, the two biggest gainers among Hang Seng Index constituents. However, online healthcare platforms moved lower, with Alibaba Health and JD Health both falling more than 2 per cent.
Some financial and property stocks rose. Sun Hung Kai Properties and Bank of China (Hong Kong) gained nearly 2 per cent, and HSBC added 1 per cent.