Choppy Lower Open in the Morning, Slightly Higher at Midday
After the US Federal Reserve kept interest rates unchanged as expected by the market, the three major US stock indices rose. Hong Kong stocks opened 6 points lower this morning at 23088, holding above the 23000 mark. After opening lower the market moved choppily, rallying as much as 89 points in early trade to a high of 23184, then falling back 108 points to as low as 22986, losing the 23000 level, then bulls and bears contested around the level, closing the half-day 11 points higher in choppy trade at 23106.
Weakened in the Afternoon, Lost 23000 at the Close
There was little change in the early afternoon, with the market remaining in a dull tug-of-war, before erasing all gains and breaking below the morning low, extending losses late in the session to seek a bottom, falling as much as 166 points to a low of 22928, finally closing down 136 points at 22958, losing 23000 again. Full-day turnover was 1894.53 billion yuan. The China Enterprises Index fell 35 points to 7755; the Technology Index fell 109 points to 3744.
Chinese Financial Stocks Rose Against the Market
Chinese financial stocks rose. China Construction Bank rose 2.12% to 10.13 yuan; ICBC rose 2.3% to 7.78 yuan; Ping An Insurance rose 2.56% to 49.62 yuan; China Life rose 2.45% to 24.22 yuan; Bank of China rose 1.57% to 6.135 yuan. HSBC Holdings fell 0.07% to 135.5 yuan; AIA rose 1.06% to 71.65 yuan.
Technology, Chip and AI Stocks Generally Pulled Back
Technology stocks were generally lower. Tencent fell 2.58% to 377.6 yuan; Meituan fell 2.81% to 69.2 yuan; JD Group fell 1.55% to 98.55 yuan; Alibaba fell 2.83% to 96.1 yuan; Baidu fell 2.07% to 75.55 yuan; Kuaishou fell 3.18% to 26.22 yuan; NetEase fell 2.1% to 172.4 yuan; Xiaomi rose 0.23% to 25.68 yuan; Pop Mart fell 1.53% to 128.7 yuan. In chip stocks, SMIC fell 5.94% to 44.96 yuan; HuaHong fell 7.71% to 64.6 yuan. In AI stocks, MiniMax fell 6.72% to 168.1 yuan; Zhipu fell 6.91% to 532 yuan.
Lenovo and New Oriental Fell Sharply
Lenovo Group fell 6.9% to 22.14 yuan. New Oriental was sold off after results, plunging 14.03% to 36.76 yuan, a relatively large decline among blue chips and major technology stocks.