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<H Shrs>HSI Sheds 142 Pts at Midday; Pop Mart Rallies 8%+; Kuaishou Sags 4%+
Recommend 163 Positive 299 Negative 144 |
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Hong Kong bourse softened in the morning session on August 20, tracking a 1.5% overnight drop in the Nasdaq as U.S. tech stocks retreated, while the local market hailed its peak earnings season. The HSI opened 154 points lower, slid as much as 234 points to 24,887, and later trimmed losses to close the morning down 142 points or 0.6% at 24,980. The HSCEI dropped 60 points or 0.7% to 8,945. The HSTECH sank 69 points or 1.3% to 5,472. Midday turnover reached HKD144.404 billion. XIAOMI-W (01810.HK) reported a 2Q net profit surge of over 130% and a 75% rise in adjusted net profit but saw its stock dip 0.3%, with markets shedding light on pressured smartphone GM and future EV production guidance. SUNNY OPTICAL (02382.HK) shot up 6.6% after a 53% upswing in 1H net profit. PA GOODDOCTOR (01833.HK) fell off 7.8% despite a 137% surge in 1H net profit and an 84% spike in adjusted net profit. Report that iQIYI (IQ.US) hired banks for a potential secondary listing in Hong Kong weighed on BIDU-SW (09888.HK), which lost 1.1%. For other techs, TENCENT (00700.HK), MEITUAN-W (03690.HK), SMIC (00981.HK), and NTES-S (09999.HK) dropped 0.7-0.8%. BABA-W (09988.HK), JD-SW (09618.HK), and BILIBILI-W (09626.HK) subsided 1.5-1.7%, and KUAISHOU-W (01024.HK) slumped 4.7%. As to consumers, POP MART (09992.HK) swelled 8.6% to a record high of HKD305, with a midday turnover of HKD6.18 billion, after reporting a nearly fourfold increase in 1H net profit. A J.P. Morgan report suggested the stock could be a candidate for inclusion in the Hang Seng Index. In contrast, express delivery firm ZTO EXPRESS-W (02057.HK) dipped 0.4% after a 2.6% decline in 1H net profit. AASTOCKS Financial News Website: www.aastocks.com |
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