HSI Slips 40 pts as STANCHART Plunges 11% Post-results

At close, $Hang Seng Index(800000.HK)$ slid 40 points or 0.2% to close at 17,044. $Hang Seng China Enterprises Index(800100.HK)$ climbed 5 points or 0.1% to close at 5,859. $Hang Seng TECH Index(800700.HK)$ climbed 11 points or 0.3% to close at 3,712. Total market turnover for the day amounted to $80.807 billion.

$STANCHART(02888.HK)$ plunged 11.4% to close at $59.75, after credit provision increased and customer deposits decreased in 3Q23. $HSBC HOLDINGS(00005.HK)$ , which will announce its quarterly results next Monday (30th), sagged 2.3% to close at $57.1.

Many major banks slashed their target prices on $LI NING(02331.HK)$ and quoted management as saying that it would lower its full-year sales guidance. LI NING collapsed 20.7% to $23.95. Its peer $ANTA SPORTS(02020.HK)$ also shed 5.3% to $85.95, while $XTEP INT'L(01368.HK)$ lost 4%.