HSI Sags 300 pts+ as BABA, MEITUAN Seek Troughs
Hong Kong stocks fell for 4 consecutive days. $Hang Seng Index(800000.HK$ slightly opened 4 points higher at 17,359, and once sagged 326 points or 1.9% to a low of 17,046. The index last printed at 17,052, down 301 points or 1.7%. Total turnover amounted to $61.2 billion.
Blue chip stocks generally decreased. $MEITUAN-W(03690.HK$ 's 3Q23 adjusted earnings beat expectations. However, its 4Q23 takeaway business revenue growth is expected to slow down. A number of major banks lowered their respective target price on MEITUAN-W. MEITUAN-W dropped for 4 consecutive days, and slid as much as 11% to $91.4, hitting an over 3.5-year record low. The stock last printed at $92.6, down 10%.
$XINYI SOLAR(00968.HK$ fell for 4 consecutive days, and bottomed at $4.43, hitting a more than 3.5-year low. It last printed at $4.49, down 4.5%. $BABA-SW(09988.HK$ dropped for 4 consecutive days to a 52-week low of $72.15, and slipped 2.8% to $72.25.
$BIDU-SW(09888.HK$ $JD HEALTH(06618.HK$ $HAIDILAO(06862.HK$ and $ENN ENERGY(02688.HK$ shed 4% to 5%. Of which, ENN ENERGY bottomed at $52.85, hitting an over 5-year low.
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HopelessChi : 4 days erased more than any gains warranted