Hong Kong's three major stock indices all declined. As of the midday close, the Hang Seng Index fell 0.63% to 24,486.52, the Hang Seng Tech Index dropped 1.37%, and the State-Owned Enterprises Index declined 0.61%.
On the board, tech internet stocks broadly fell, with Bilibili, Xiaomi, Alibaba, and JD.com all dropping over 2%. Mainland property stocks showed strength, with Ronshine China surging over 15%. Automobile stocks retreated, with NIO falling more than 5%. Four new stocks listed today.
Mainland property stocks showed strength, with Ronshine China surging over 15%. The State Council executive meeting was held on September 28, during which it was pointed out that a batch of pragmatic and effective incremental policies would be introduced, and policy measures to stabilize the real estate market and promote employment and income growth would be studied and rolled out. Sinolink Securities stated that the downturn in new home market sentiment is slowing, while second-hand home market sentiment is stabilizing at the bottom. New home transactions remain under pressure, with the year-on-year decline widening to -24.3%. Second-hand home transaction area weakened both year-on-year and month-on-month, mainly affected by holiday misalignment. The current simultaneous emergence of rising transaction volumes and marginal increases in listing volumes requires further observation to determine whether the transaction increment can effectively absorb new supply. If subsequent transactions continue to grow rapidly while listing growth remains relatively moderate, existing inventory is expected to gradually destock. Combined with the accelerated transformation of transaction structure brought about by the "8.28" real estate new policy, housing prices are expected to receive support.
Automobile stocks retreated, with NIO falling more than 5%. Orient Securities pointed out that in the second quarter, domestic automobile demand came under pressure, market competition intensified, and external factors such as rising raw material prices and exchange rate fluctuations led to overall weak profitability and gross margins for automobile companies. However, after excluding exchange rate effects, some companies with strong comprehensive competitiveness and high operational management efficiency still achieved year-on-year improvement in net profit attributable to parent company and gross margins. It is expected that continued export growth and marginally diminishing exchange rate impacts in the second half of the year will help promote marginal improvement in the performance of some companies with strong competitive strength.
Four new stocks listed today. Benmo Technology rose over 4%, Jingwang Electronics rose over 9%, Tongcheng New Materials fell over 4%, and Robotechnik fell over 5%.