The Hang Seng Index slightly declined, with Bilibili dropping 4.3%, Alibaba down 3%, and real estate stocks experiencing a downturn.

Wallstreetcn
2023.09.11 09:22
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Bilibili's stock opened with an 8% drop, but narrowed to 4.3% by the close. Alibaba fell 3.0%. Prior to this, Zhang Yong stepped down as Chairman and CEO of Alibaba Cloud, and Cai Chongxin and Wu Yongming took over as Chairman and CEO of Alibaba Group. JD.com dropped more than 2%. Tencent and Meituan saw a slight increase, while Kuaishou rose more than 1%.

Last Friday, the Hong Kong stock market remained closed for the whole day due to a black rainstorm warning. On Monday, it continued to decline after opening.

On Monday, September 11th, the Hong Kong stock market opened significantly lower and fluctuated. The Hang Seng Index once fell below 18,000 points, and the Hang Seng Technology Index fell more than 2%. The decline narrowed in the afternoon. At the close, the Hang Seng Index fell 0.58%, the Hang Seng Technology Index fell 0.21%, and the state-owned enterprise index fell 0.25%.

On the market, the real estate, gas, and electronic components sectors experienced the largest declines, while the aviation, casino gambling, and insurance stocks declined together. On the other hand, the semiconductor, pharmaceutical, and biotechnology sectors rose against the trend, and automotive stocks rallied in the afternoon.

Mixed Performance of Internet and Technology Stocks

Bilibili initially fell by 8% at the opening, but narrowed to 4.3% by the close. Alibaba dropped by 3.0% after Zhang Yong stepped down as chairman and CEO of Alibaba Cloud, and Cai Chongxin and Wu Yongming took over as chairman and CEO of Alibaba Group. JD.com fell more than 2%, while Tencent and Meituan saw slight gains, and Kuaishou rose by more than 1%.

Real Estate Sector Leads the Market Decline

After an initial plunge, the real estate sector continued to fluctuate. Yida China fell by 47%, Hailan Holdings fell by over 13%, New World Development fell by over 9%, and Modern Land China fell by nearly 7%.

Decline in the Gas Supply Sector

China Gas fell by over 6%, while China Resources Gas, XinAo Energy, and Kunlun Energy fell by over 2%.

Decline in Casino and Gambling Stocks

Sands China and Melco International Development fell by over 2%, while Galaxy Entertainment and Emperor Entertainment followed suit.

Rise in the Automotive Sector in the Afternoon

Great Wall Motor rose by over 2%, while China Harmony Auto, Geely, and GAC Group followed the upward trend. Xpeng Motors fell by nearly 2%, and it initially fell by 6% in early trading.

Strong Performance of Biotechnology Sector

Rongchang Biology rose by over 13%, Kingsley BioTech rose by over 7%, Kangfang BioTech and Junshi BioTech rose by over 6%, and BeiGene rose by over 4%.

Semiconductor sector rises against the trend

Macronix Semiconductor rose more than 10%, followed by Shanghai Fudan, Huahong Semiconductor, and SMIC.

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