HSI Sags 300 pts+ as BABA, MEITUAN Seek Troughs

Hong Kong stocks fell for 4 consecutive days. $Hang Seng Index (800000.HK)$ slightly opened 4 points higher at 17,359, and once sagged 326 points or 1.9% to a low of 17,046. The index last printed at 17,052, down 301 points or 1.7%. Total turnover amounted to $61.2 billion.

Blue chip stocks generally decreased. $MEITUAN-W (03690.HK)$ 's 3Q23 adjusted earnings beat expectations. However, its 4Q23 takeaway business revenue growth is expected to slow down. A number of major banks lowered their respective target price on MEITUAN-W. MEITUAN-W dropped for 4 consecutive days, and slid as much as 11% to $91.4, hitting an over 3.5-year record low. The stock last printed at $92.6, down 10%.

$XINYI SOLAR (00968.HK)$ fell for 4 consecutive days, and bottomed at $4.43, hitting a more than 3.5-year low. It last printed at $4.49, down 4.5%. $BABA-W (09988.HK)$ dropped for 4 consecutive days to a 52-week low of $72.15, and slipped 2.8% to $72.25.

$BIDU-SW (09888.HK)$ $JD HEALTH (06618.HK)$ $HAIDILAO (06862.HK)$ and $ENN ENERGY (02688.HK)$ shed 4% to 5%. Of which, ENN ENERGY bottomed at $52.85, hitting an over 5-year low.