Good morning moomooers! Here are things you need to know about today's Hong Kong:
Stocks drop at global retreat continues
Techs came under pressure while most tech giants retreated
BABA-SW constituents in MSCI China Index etc. to convert from ADR to HK shrs
-Moomoo News HK
Market Trend
Hong Kong stocks tumbled at the start of business on Thursday morning, in line with another steep drop across global markets, following a forecast-beating US inflation read that fuelled fears that interest rates will need to be hiked.
The Hang Seng Index sank 1.10 per cent, or 311.03 points, to 27,920.01.
The benchmark Shanghai Composite Index shed 0.88 per cent, or 30.61 points, to 3,432.14, while the Shenzhen Composite Index on China's second exchange fell 0.99 per cent, or 22.57 points, to 2,249.24.Techs came under pressure. $BABA-SW(09988.HK)$ and $Bilibili Inc.(09626.HK)$ tanked 2% and 5.8%. The industries of lottery, infant and child supplies and dairy products performed well relatively.
source: moomoo
TOP News
BABA-SW constituents in MSCI China Index etc. to convert from ADR to HK shrs
Among the MSCI China and related composite indexes, the constituent stocks of $BABA-SW(09988.HK)$ will be converted from the ADRs listed on the NYSE to the ordinary shares on $Hong Kong Exchanges and Clearing(00388.HK)$, with effect from May 28, announced MSCI.
Danone sells 9.8% MENGNIU DAIRY stake, cashing in HKD15.4B
Danone has finalized the strategic sale of its approximately 9.8% stake in $China Mengniu Dairy(02319.HK)$. The transaction resulted in total gross proceeds of HKD15.4 billion.
Ratings
*M Stanley Assumes $Great Wall Motor(02333.HK)$ Shr Fall in 15 Days; Rated Underweight
*G Sachs Inches Down $Uni-President China(00220.HK)$ TP to $9; Rated Neutral
*G Sachs Cuts $Bilibili Inc.(09626.HK)$ TP to $1,205; Rated Buy
Source: Business Times, AAstock