Hong Kong Stocks Fall in Afternoon Trading Despite Increased Turnover

Investing.com – On Thursday (1st), the Hong Kong stock market fell in the afternoon. The Hang Seng Index once rose by more than 1% in the morning session, but gave up all the gains in the afternoon, and finally closed down slightly by 0.1%. The Hang Seng Technology Index also rose from 2.5% narrowed to 0.1%.

However, the turnover has been enlarged. The Hang Seng Index has a turnover of 128.514 billion today, compared with 94.542 billion in the previous trading day; Beishui sold a lot, and the southbound funds sold a net of 3.664 billion yuan today, with a net outflow of 1.673 billion yuan.

As of market close:

• It fell 0.10% to 18216.91 points;
• fell 0.30% to 18,144.5 points;
• Up 0.11%, at 3630.87 points;
• It fell 0.22% to 6149.64 points.

Aviation stocks fell sharply, China Southern Airlines (HK:) fell 6.21%, Air China (HK:) fell 8.74%, and China Eastern Airlines (HK:) fell 3.03%.

Some real estate and property management stocks continued to fall, Henderson Land (HK:) fell 5%, Longfor Group (HK:) fell 3.72%, Country Garden (HK:) fell 2.78%, New World Development (HK:) fell 2.46%, Country Garden Services (HK: ) fell 3.29%.

Gold stocks rose, with Zijin Mining (HK:) and China Gold International (HK:) up more than 2%.

Technology stocks were mixed. Among them, cloud computing and cloud software stocks rose. Kingsoft Cloud (HK:) soared 16.81%, Kingdee International (HK:) rose 1.54%, and Mingyuan Cloud (HK:) rose 1.19%.

According to data from the Ministry of Industry and Information Technology yesterday, from January to April, China’s Internet and related service enterprises above designated size completed Internet business revenue of 408.3 billion yuan, a year-on-year increase of 3.3%; realized a total profit of 38.4 billion yuan, a year-on-year increase of 62.1%.

Meanwhile, Tencent Holdings (HK:)(OTC:) rose 1.55%. Alibaba (HK: ) (NYSE: ) fell 0.77%. Bilibili (HK: ) (NASDAQ: ) fell 2.67%.

E-commerce stocks rose, Dongfang Selection (HK:) surged 9.98%, and Jingdong Group (HK:) (NASDAQ:) rose 3.26%. The 618 e-commerce promotional event created by JD.com officially opened today.

Looking ahead, analysts believe that it may be difficult for Hong Kong stocks to turn around in recent months. Xue Yonghui, director and investment director of Hang Seng Investment Management, said in an interview last month that Hong Kong stocks were more susceptible to surrounding fluctuations in May and June. In addition, China’s latest economic data was weaker than market expectations, and foreign investors have doubts about China’s economic recovery. , and geopolitics have also clouded the outlook for Hong Kong stocks. He believes that Hong Kong stocks may not turn around until the peak performance period in August.

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