HSI Opens 62 pts Lower as CN Developers Autos Fall; ; Oils Weaken

$Hang Seng Index (800000.HK)$ dropped 62 points or 0.4% to open at 16,311 this morning (13th). $Hang Seng China Enterprises Index (800100.HK)$ fell 24 points or 0.4% to 5,589. $Hang Seng TECH Index (800700.HK)$ slid 26 points or 0.7% to 3,703.

The Central Economic Work Conference proposed to meet reasonable financing needs of real estate enterprises of different ownerships equally. Chinese developers rose this morning before dropping yesterday (12th). $LONGFOR GROUP (00960.HK)$ and $SUNAC (01918.HK)$ sagged 1.6% and 2.6%, while $COUNTRY GARDEN (02007.HK)$ opened 2.5% lower after its directors proposed a pay cut.

The US Energy Information Administration (EIA) lowered its oil price forecast for 2024, triggering the decrease of oil prices. $PETROCHINA (00857.HK)$ and $CNOOC (00883.HK)$ lost 1.2% and 1.1%. $CSPC PHARMA (01093.HK)$ 's share price hiked 0.2% to $6.6 after its drugs acting on the nervous system got approval from the National Medical Products Administration (NMPA) to start clinical trial.