ET Intelligence News, 30th: U.S. tech giant Alphabet's quarterly earnings and revenue missed expectations, while Intel and Amazon's guidance also disappointed the market, dragging down chip stocks. Japan and South Korea's stock markets were affected, closing down 2% and 3% respectively. Hong Kong's AI-related stocks continued to decline. However, large-cap tech stocks and financial stocks rose, coupled with domestic demand stocks catching up, the Hang Seng Index's gain once expanded over 400 points, reaching a high of 23,400. Yet, A-shares continued to fall, narrowing the HSI's gains towards the close. The HSI closed the day at 23,294, up 335 points or 1.5%, with main board turnover exceeding HK$214.3 billion. The Hang Seng China Enterprises Index closed at 7,862, up 106 points or 1.4%. The Hang Seng Tech Index closed at 3,754, up 10 points or 0.3%.
For the week, the HSI gained 201 points or 0.87%, ending two weeks of consecutive declines. For the month, the HSI fell 1,318 points or 5.36% throughout October, marking three consecutive months of decline.
The outflow of Northbound funds continues, with a net outflow of HK$3.56 billion today, marking 13 consecutive trading days of net outflow, setting a historical record for the longest continuous capital withdrawal.
AIA (01299) saw a 5% decline in new business value in the third quarter, but rose 5% for the first nine months. AIA gained 5.2%, closing at HK$75.4.
The Fifth Plenary Session emphasized the need to deeply tap into domestic demand potential, leading to a broad rally in consumer stocks: Mengniu Dairy (02319) rose 9.4% to HK$19.86; Haier Smart Home (06690) rose 5.3% to HK$19.95; China Resources Beer (00291) rose 4.3% to HK$19.77; Nongfu Spring (09633) rose 5.9% to HK$42.34; Anta Sports (02020) rose 4.1% to HK$74.35; Li-Ning (02331) rose 3.5% to HK$13.75; Haidilao (06862) rose 3.9% to HK$9.425.
Alphabet's earnings missed expectations, and Intel and Amazon's guidance also fell short, causing sharp after-hours declines. AI hardware stocks weakened: Lenovo Group (00992) fell 7.4% to HK$20.5; Hua Hong (01347) fell 6% to HK$60.7; SMIC (00981) fell 4.4% to HK$42.98.
COSCO Shipping Holdings (01919) reported a net profit of nearly RMB 30.7 billion in the first three quarters, up 13%, with a 81% increase in the third quarter; COSCO Shipping rose 7.7% to HK$17.9.
The three major oil companies all rose: Sinopec (00386) rose 6.2% to HK$4.865; PetroChina (00857) rose 5.7% to HK$10.82; CNOOC (00883) rose 2.9% to HK$24.7.
The top three most traded HSI stocks were Tencent (00700), Alibaba (09988), and Xiaomi (01810); Tencent closed at HK$383.6, up HK$6 or 1.6%, with turnover of HK$8.541 billion; Alibaba closed at HK$97.05, up HK$0.95 or 1%, with turnover of HK$5.869 billion; Xiaomi closed at HK$26.48, up HK$0.8 or 3.1%, with turnover of HK$5.555 billion. (vs)
For the week, the HSI gained 201 points or 0.87%, ending two weeks of consecutive declines. For the month, the HSI fell 1,318 points or 5.36% throughout October, marking three consecutive months of decline.
The outflow of Northbound funds continues, with a net outflow of HK$3.56 billion today, marking 13 consecutive trading days of net outflow, setting a historical record for the longest continuous capital withdrawal.
AIA (01299) saw a 5% decline in new business value in the third quarter, but rose 5% for the first nine months. AIA gained 5.2%, closing at HK$75.4.
The Fifth Plenary Session emphasized the need to deeply tap into domestic demand potential, leading to a broad rally in consumer stocks: Mengniu Dairy (02319) rose 9.4% to HK$19.86; Haier Smart Home (06690) rose 5.3% to HK$19.95; China Resources Beer (00291) rose 4.3% to HK$19.77; Nongfu Spring (09633) rose 5.9% to HK$42.34; Anta Sports (02020) rose 4.1% to HK$74.35; Li-Ning (02331) rose 3.5% to HK$13.75; Haidilao (06862) rose 3.9% to HK$9.425.
Alphabet's earnings missed expectations, and Intel and Amazon's guidance also fell short, causing sharp after-hours declines. AI hardware stocks weakened: Lenovo Group (00992) fell 7.4% to HK$20.5; Hua Hong (01347) fell 6% to HK$60.7; SMIC (00981) fell 4.4% to HK$42.98.
COSCO Shipping Holdings (01919) reported a net profit of nearly RMB 30.7 billion in the first three quarters, up 13%, with a 81% increase in the third quarter; COSCO Shipping rose 7.7% to HK$17.9.
The three major oil companies all rose: Sinopec (00386) rose 6.2% to HK$4.865; PetroChina (00857) rose 5.7% to HK$10.82; CNOOC (00883) rose 2.9% to HK$24.7.
The top three most traded HSI stocks were Tencent (00700), Alibaba (09988), and Xiaomi (01810); Tencent closed at HK$383.6, up HK$6 or 1.6%, with turnover of HK$8.541 billion; Alibaba closed at HK$97.05, up HK$0.95 or 1%, with turnover of HK$5.869 billion; Xiaomi closed at HK$26.48, up HK$0.8 or 3.1%, with turnover of HK$5.555 billion. (vs)
