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HSI Once Ebbs 300Pts+; XIAOMI-W Sags 4%; WHARF REIC Yet Up 6%; Semi-IPOs ZHOU LIU FU, IFBH Slip ~10%
Recommend 108 Positive 194 Negative 104 |
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The HSI carried forward yesterday’s momentum, opening slightly up 12 points at 24,234 this morning (3rd). Yet, it reverted down later, slipping as much as 301 points to bottom at 23,920. It last traded at 23,959, down 261 points or nearly 1.1%, with turnover of HKD90.527 billion. Heavyweight new economy stocks weighed down on the market. XIAOMI-W (01810.HK), after hitting a record high yesterday, ebbed back 4% to HKD57.75, being the worst-performing blue-chip so far, with turnover of HKD5.14 billion. ALI HEALTH (00241.HK), BABA-W (09988.HK), and NEW ORIENTAL-S (09901.HK) each sagged over 3%. KUAISHOU-W (01024.HK), MEITUAN-W (03690.HK), and JD-SW (09618.HK) fell off 1.7-2.1%. TENCENT (00700.HK) subtracted 1.3%. Hong Kong’s May retail sales picked up 2.4% YoY, ending a 14-month decline and beating market expectations. JPMorgan believed retail sales have bottomed out, expecting stability in 2H25 without a sharp rebound. The broker upgraded WHARF REIC (01997.HK) from Underweight to Overweight with a TP of HKD27.5 and raised LINK REIT (00823.HK) TP to HKD49, maintaining an Overweight rating. Morgan Stanley noted the stronger-than-expected retail data, suggesting positive reactions for HYSAN DEV (00014.HK)’s share price. WHARF REIC expanded gains against the market to 6.21% at HKD23.95, the top-performing blue-chip, with turnover of HKD70.5179 million. HYSAN DEV rose 1.8% to HKD14.76, with turnover of HKD27.188 million. LINK REIT edged up 0.6% to HKD42.45, with turnover of HKD124 million. Some recently listed stocks saw immense pullbacks. ZHOU LIU FU (06168.HK) last stood at HKD38.2, down 11.78%, with 5.7781 million shares traded, involving HKD226 million, still 59% above its IPO price of HKD24. IFBH (06603.HK), the parent of Thai coconut water brand “if,” last posted at HKD42.95, down 9.67%, with 4.5862 million shares traded, involving HKD205 million, 54.5% above its IPO price of HKD27.8. AAStocks Financial News |
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