Hong Kong stock market closing | Hang Seng Index fell 2.38%, technology sector led the decline, Alibaba plummeted 4.65%, Xiaomi strengthened against the trend
The three major indices of the Hong Kong stock market all fell back, with the overall atmosphere of the data being relatively weak, and a clear divergence in the technology and consumer sectors. Alibaba led the decline among the leaders, while Xiaomi Group rose against the trend, becoming the focus of attention in the market. The macro environment remains stable, and there are significant structural differences in the capital flow of popular stocks and high-volume leaders
Market Overview
▪ On November 21, the three major indices of the Hong Kong stock market collectively declined, with the Hang Seng Index falling by 2.38% to 25,222.02 points; the Hang Seng China Enterprises Index dropping by 2.45% to 8,919.78 points; and the Hang Seng Tech Index decreasing by 3.21% to 5,395.49 points.
▪ Overall, there were 423 stocks that rose, 1,886 that fell, and 814 that closed flat, reflecting a general decrease in market risk appetite and a noticeable caution from the funding side.
▪ Significant capital outflows were observed from leading technology and consumer stocks, while some structural opportunities attracted capital, leading to increased market wait-and-see sentiment.
Sector Performance
▪ The retail sector showed overall weak fluctuations, with significant divergence among leaders. Alibaba fell sharply by 4.65%, with a trading volume of HKD 20.975 billion, influenced by the broad decline in tech stocks and market correction, resulting in decreased investor risk appetite. JD.com dropped by 2.82%, and Miniso fell by 2.58%. Despite Miniso launching the "IP Genius Plan" to stimulate brand influence, fluctuations in consumer demand dragged down sector performance, with capital flows appearing more conservative.
▪ The hardware, storage, and peripherals sector showed internal divergence, with Xiaomi Group rising against the trend by 1.01%, with a trading volume of HKD 15.807 billion, being one of the few large tech stocks to receive active capital inflows. The company launched new auxiliary driving products at the Guangzhou Auto Show, enriching user experience and enhancing market activity. Lenovo Group slightly declined by 0.41%, and Xiaomi Group -WR rose by 1.05%, but the overall sector was dragged down by adjustments in the tech industry, showing relatively weak performance.
▪ The internet content and information sector declined simultaneously, with Tencent Holdings falling by 1.77%, with a trading volume of HKD 14.482 billion, Kuaishou dropping by 1.46%, and Baidu plummeting by 5.79%. Influenced by the general pullback in tech stocks, there was a noticeable outflow of funds from related leaders, leading to cautious investor sentiment and a decrease in short-term speculative demand.
Macroeconomic Background
▪ Recently, the three-month unemployment rate in Hong Kong dropped to 3.8%, indicating a continuous improvement in the job market, which may provide marginal support for consumption and confidence.
▪ HSBC's manufacturing PMI remained stable at 50.4, with economic momentum being maintained, and M3 money supply increasing by 4% year-on-year, indicating ample liquidity.
▪ Retail sales and export growth rates remained stable, although the trade deficit continued. The overall macro environment is robust, but the market remains concerned about the sustainability of economic recovery, with limited short-term risk appetite.
Popular Stocks
▪ China Resources Gas (1635.HK) fell by 5.21%, with a trading volume of HKD 710 million. There was a noticeable outflow of funds, putting short-term pressure on the stock, with the market taking a wait-and-see attitude towards its subsequent performance.
▪ Sanhua Intelligent Control (2050.HK) declined by 1.01%, with a trading volume of HKD 1.006 billion, lacking positive momentum and with capital sentiment retreating.
▪ Shandong Molong Petroleum Machinery (568.HK) dropped by 6.88%, with a trading volume of HKD 96 million, compounded by a general pullback in the tech sector, leading to increased selling pressure on the stock and significant short-term volatility ▪ GaoDi Co., Ltd. (1676.HK) rose 6.56%, with a trading volume of HKD 13 million, ranking among the top gainers of the day, as funds focus on short-term structural opportunities.
▪ Ganfeng Lithium (1772.HK) fell 12.47%, with a trading volume of HKD 2.115 billion, a significant pullback triggering an increase in risk-averse sentiment.
Market Trading Volume TOP10
▪ Alibaba -W (9988.HK) closing price HKD 147.60, down 4.65%, trading volume HKD 20.975 billion
▪ Xiaomi Group -W (1810.HK) closing price HKD 38.08, up 1.01%, trading volume HKD 15.807 billion
▪ Tencent Holdings (700.HK) closing price HKD 610.00, down 1.77%, trading volume HKD 14.482 billion
▪ SMIC (981.HK) closing price HKD 68.80, down 6.39%, trading volume HKD 7.538 billion
▪ Meituan -W (3690.HK) closing price HKD 95.55, down 2.99%, trading volume HKD 4.434 billion
▪ Pop Mart (9992.HK) closing price HKD 199.30, down 1.04%, trading volume HKD 3.435 billion
▪ CATL (3750.HK) closing price HKD 465.00, down 3.73%, trading volume HKD 3.135 billion
▪ BYD Company (1211.HK) closing price HKD 92.75, down 2.57%, trading volume HKD 2.959 billion
▪ HuaHong Semiconductor (1347.HK) closing price HKD 73.25, down 6.09%, trading volume HKD 2.894 billion
▪ Ping An Insurance (2318.HK) closing price HKD 56.90, down 2.32%, trading volume HKD 2.749 billion
