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<H Shrs>HSI Loses 348 Pts at Midday as Apple Concept Stocks Face Heavy Selling Pressure; LI AUTO Mounts 5%
Recommend 2 Positive 5 Negative 6 |
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Hong Kong stocks were under pressure. The HSI faded 348 points or 1.48% to close at 23,224 at midday. The HSCEI slipped 146 points or 1.71% to 8,413. The HSTECH shed 134 points or 2.55% to 5,166. Total half-day turnover of the market amounted to $118.876 billion. US President Donald Trump is rumored to be considering a plan B for tariffs, or using “Section 122” to impose 15% tariffs within 150 days. Apple concept stocks were under heavy selling pressure, with SUNNY OPTICAL (02382.HK), AAC TECH (02018.HK) and BYD ELECTRONIC (00285.HK) eroding nearly 5%. Q TECH (01478.HK) shrank 5.6%, while FIT HON TENG (06088.HK) cratered 4.7%. COWELL (01415.HK) waned 3.1%. Automakers developed individually. BYD COMPANY (01211.HK) purportedly halted operations of over 20 4S stores in Shandong, denting its share price by 4.2%. NIO-SW (09866.HK) and XPENG-W (09868.HK) slumped 4.4% and 4.6% each. LI AUTO-W (02015.HK) advanced 5.1% against the market, although its 1Q non-GAAP net profit fell 20.3% YoY. BofA Securities was optimistic about LI AUTO-W's gross profit margin and free cash flow outlook. LI AUTO-W's i8 and i6 are scheduled to be released in July and September. AAStocks Financial News Website: www.aastocks.com |
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