HSI Slips 351 Pts; CN Developers Squeezed
At close, $Hang Seng Index (800000.HK)$ marked at 17,559, down 351 pts or 1.96%; $Hang Seng China Enterprises Index (800100.HK)$ sagged 129 pts or 2.1% to 6,041; and $Hang Seng TECH Index (800700.HK)$ dropped 92 pts or 2.24% to 4,024. Total turnover for the whole day was $88.149 billion.
$CHOW TAI FOOK (01929.HK)$ plummeted 10.8% to $10.74, the worst performing blue chip of the day. Although it had reported interim net profit rising 36% with higher interim dividend, the market was watchful of the company's SSS in China and brand restructuring and other progress.
As to Chinese property developers, China's regulator purportedly intended to allow banks to provide unsecured liquidity loans to Chinese developers for the first time. Besides, official media quoted experts that Beijing and Shanghai were expected to further loosen the property market.
Yet, $COUNTRY GARDEN (02007.HK)$ nosedived 7.6%. Its series $CG SERVICES (06098.HK)$ slid 2.9%. $SHIMAO GROUP (00813.HK)$ cratered 11.5%. $LONGFOR GROUP (00960.HK)$ , $CHINA RES LAND (01109.HK)$ and $KWG GROUP (01813.HK)$ plunged more than 2%. $SEAZEN (01030.HK)$ rose 0.6%.
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