The Hang Seng Index fell 0.3% to 16,089.40 as of 3:08 p.m. local time, after surging as much as 1.7% to its highest since Jan. 11. The high-tech index fell 1.8%, and the Shanghai Composite Index rose 1.4%. close.
Alibaba Group fell 1.5% to HK$74.85, reversing an earlier 1.4% rise on optimism that quarterly revenue from the operator of e-commerce platform Taobao would beat expectations. Chinese semiconductor maker SMIC fell 7.7% to HK$14.14, while PC maker Lenovo fell 4.3% to HK$8.12.
The paper’s owner, Alibaba Group, reported net profit of nearly 48 billion yuan ($6.7 billion) in the December quarter, up perhaps 20% from the previous three months, according to analysts tracked by Bloomberg. . Other profits reported by fast-food chain operator Yum China and semiconductor maker SMIC on Tuesday beat consensus expectations.
Corporate action such as share buybacks could keep markets buoyant during a week in which China’s state funds and market regulators have stepped in to stem the decline in confidence. Listed stocks in Shanghai, Shenzhen and Hong Kong have lost more than $5 trillion since the start of 2021 as China’s post-coronavirus economic recovery ran out of steam.
The Hong Kong stock market will be in turmoil in the Year of the Dragon: CLSA
The Hong Kong stock market will be in turmoil in the Year of the Dragon: CLSA
The Hang Seng Index’s rise of about 4% this week came as traders bet on Chinese state-owned funds to bottom out a three-year selloff, with losses amid speculation the country’s top leaders and regulators We urge them to reconsider their response. To the slump.
Still, Brock Silvers, managing director at Kaiyuan Capital in Hong Kong, said such tactics could exacerbate market concerns. He warned that the current mini-rally, counting on an artificially high floor for stocks, could ultimately be seen as a lucrative exit.
“While the authorities are clearly troubled by the continued decline in the market, market intervention is unlikely to provide long-term relief,” he added. “Neither restrictions on short selling or derivatives nor sending a ‘varsity team’ will do anything to change the underlying drivers of negative sentiment.”
03:05
In China, the Lunar New Year rush is progressing, and travel to major cities both overseas and domestically is increasing.
In China, the Lunar New Year rush is progressing, and travel to major cities both overseas and domestically is increasing.
Chinese hot pot restaurant chain Haidila rose 0.3% to HK$13.20, riding on Yum China’s 14% rise to HK$331.60 on optimism that the week-long Lunar New Year will boost revenue.
Financial markets in mainland China will be closed from February 9th to 16th for the Lunar New Year. In Hong Kong, trading will be shortened to half a day on February 9 and closed for festivals on February 12 and 13.
One stock debuted on Wednesday. Integrated circuit maker Chengdu Microelectronic Technology soared 25 percent to 19.69 yuan in Shanghai.
Other major Asian markets were mixed. Japan’s Nikkei Stock Average fell 0.1%, while South Korea’s Kospi Index rose 0.6% and Australia’s S&P/ASX200 Index rose 0.5%.
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