Weibo, BILIBILI-W, and MEITUAN-W fell more than 3%, while TENCENT, JD.com, and Li Auto dropped over 2%. Alibaba, CLOUD MUSIC, and BIDU-SW declined by more than 1%.
On July 6th, the Hong Kong stock market opened lower, with the Hang Seng Index down 1.41%, the Hang Seng China Enterprises Index down 1.87%, and the Hang Seng Tech Index down 0.98%. The Hang Seng Tech Index briefly turned positive in early trading, but all three indexes remained weak throughout the day. In the end, the Hang Seng Index closed down 3%, the Hang Seng China Enterprises Index closed down 3.39%, and the Hang Seng Tech Index closed down 1.72%.
At the close, there were 365 gainers, 1059 decliners, and 799 unchanged stocks on the main board of the Hong Kong stock market. The net inflow of southbound funds totaled HKD 3.228 billion, with a total turnover of HKD 20.553 billion.
CHINA RES BEER, TENCENT, Xiaomi, and SMIC were among the top net sellers of southbound funds, with net sales exceeding HKD 120 million. CNOOC and China Construction Bank were the top net buyers of southbound funds, with net purchases exceeding HKD 200 million.
On the market, intelligent transportation, smart home, security monitoring, automobile, and military industries showed strength, while consumer, medical, power, and gold sectors weakened. Property and banking stocks continued to be under pressure, and rare earth and permanent magnet stocks experienced a correction today.
Most tech stocks decline
WanGuo Data fell over 7%, Weibo, Bilibili, and Meituan fell over 3%, TENCENT, JD.com, and Li Auto fell over 2%, and Alibaba, NetEase, and Baidu fell over 1%.
Internet healthcare stocks declined across the board, with JD Health, Ali Health, and Ping An Good Doctor falling over 3%, and Ping An Good Doctor falling nearly 2%.
XPENG-W rose 4.45%, with its intraday gains narrowing at one point and rebounding in the afternoon. NIO initially rose over 2% in early trading but fell before noon.
In terms of news, Gu Hongdi, President of XPENG-W, stated in an interview yesterday that the company has received a large number of orders for the XPENG G6, and the monthly sales volume in the third quarter is expected to exceed 15,000 units, with a target of over 20,000 units in the fourth quarter.
Military Industry Leads the Way
China Aerospace surged more than 3.6%, China Shipbuilding Defense and CHINA AEROSPACE rose over 1%.
Consumer Stocks Plunge
Baijiu (Chinese liquor) and beer stocks led the decline in consumer stocks. DYNASTY WINES plummeted over 13%, and both China Resources Beer and CHINA RES BEER dropped over 4%.
Other food and beverage stocks all fell, with YIHAI INTL and Mengniu Dairy both down over 4%. HUABAO INTL-12.74% led the decline in tobacco stocks.
Real Estate Stocks Under Pressure
Banking Stocks Decline
Rare Earth Permanent Magnets Experience a Pullback
CHINA RAREEARTH plunged 10.58%.
Gold and Jewelry Prices Decline
Expectations of a Fed interest rate hike continue to weigh on gold prices.
