Home » Business » Chinese Stocks Experience Slight Decline as Hang Seng Index Closes Down – Monthly Overview

Chinese Stocks Experience Slight Decline as Hang Seng Index Closes Down – Monthly Overview

China News Service, Hong Kong, August 31 (Reporter Dai Xiaolu) On August 31, the three major Hong Kong stock indexes closed down slightly. Among them, the Hang Seng Index closed at 18382.06 points, down 100.8 points, or 0.55%, with a full-day turnover of HK$136.542 billion.

On the same day, the state-owned enterprise index fell 24.08 points to close at 6332.42 points, a decrease of 0.38%. The Hang Seng Technology Index fell 15.92 points to close at 4179.49 points, a drop of 0.38%.

Looking back on the whole month, Sealand Securities issued a research report stating that the Hang Seng Index has corrected by more than 10% throughout the month. On the one hand, it is due to the rise in US Treasury yields, and on the other hand, because the mainland economy is in a slow recovery stage, the market expects more policies to stabilize growth. In addition, in late August, a number of A-share and Hong Kong-listed companies announced their interim results, which also had a certain impact on the trend of Hong Kong stocks.

In terms of sectors, China Mengniu Dairy Co., Ltd. (Mengniu) opened 4% higher in Hong Kong stocks, leading the blue chips, and once rose to 7% in the session. Mengniu held a mid-term performance press conference in Hong Kong on the same day and announced that the group’s revenue in the first half of the year increased by 7.1% to 51.12 billion yuan (RMB, the same below); operating profit increased by 29.9% year-on-year to 3.27 billion yuan, and operating profit margin increased by 1.1% year-on-year to 51.12 billion yuan (RMB, the same below). 6.4%; gross profit margin increased by 1.8% to 38.4% compared with the same period last year.

Lu Minfang, president of Mengniu, said that China’s consumer demand is picking up day by day, and the country continues to introduce measures to restore and expand consumption, which is expected to bring benefits to the overall consumer goods industry in the future. (over)

2023-08-31 14:21:34
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