Text/ATFX

Hong Kong stocks fell more than 200 points after opening 131 points lower this morning. The decline intensified in the afternoon, continuing to be low for nearly two and a half months. The Hang Seng Index fell 238 points or 1.3% in half a day to 17,561 points; the China Index fell 83 points or 1.3% to 6,299 points; and the Hang Seng Tech Index fell 25 points, or 0.7%, to 3,571 points.

Technology stocks Ali (09988), Meituan (03690) and NetEase (09999) fell 1.5% to 1.7%. Tencent (00700) and Xiaomi (01810) fell 0.2%, Baidu (09888) and JD (09618) rose 0.2% and 0.4%, and Kuaishou (01024) reversed the market and rose 1.5%.

Shipping stocks are on the rise. Goldman Sachs indicated that European long-distance shipping rates fell on a weekly basis for the first time since mid-April, or increased investors' concerns that freight rates would peak. Mainland forward shipping index (European line) futures plummeted. Orient Overseas International (00316) had already taken the lead in falling 7% in the early stages; COSCO Maritime Control (01919) dropped 9%. Haifeng (01308) fell 3.4%; Pacific Shipping (02343) plummeted 5.2%; COSCO Haineng (01138) fell 4.2%.

International gold prices rose 1.5% on Friday to the highest level since May 22. Gold mining stocks rose slightly by 0.3%; Zhaojin (01818) rose 1.1%; Shandong Gold (01787) rose 1.9%; and China Gold (02099) rose 1.2%. Individual cement stocks reversed the market. Conch Cement (00914) rose 4%, temporarily recording six consecutive increases; China Resources Building Materials Technology (01313) temporarily recorded five consecutive gains.

Consumer stocks were generally under pressure, with Nongfu Spring (09633), Xiabuxiabu (00520), Zhongfu (01880) and Gaoxin (06808) falling more than 4%, while Mengniu (02319), China Resources Beer (00291), Yihai (01579), and Mingchuang Premium (09896) fell more than 3%.

Domestic housing stocks were weak, with Sunac (01918) and R&F (02777) falling 7.8% and 10.6%, Vanke (02202), Xuhui (00884) and Agile (03383) falling 5.8% to 6.2%, and Longhu (00960) and Greentown China (03900) falling 3.2% and 4%.

In terms of trading stocks, Xintai Healthcare (02291) is expected to have a net profit of 1.2 to 0.15 billion yuan in the medium term, an increase of 57.7% to 97.1% year-on-year. Because of the Group's innovative product MemoSorb, it is being welcomed by many patients. At the same time, commercialization strategies for various innovative products are being effectively implemented, and positive results have been achieved. The stock price reversed the market and rebounded 11.6%.

The stock price of Hongteng (06088), which is also very successful, experienced a sharp drop this morning. At one point, it plummeted 11%. The Group expects to record an unaudited net profit of approximately 28 million to 33 million US dollars in the first half of the year ending the end of June, while the unaudited net loss for the first half of 2023 is about 9 million US dollars. The conversion of loss to profit during the period was mainly due to an increase in the Group's management efficiency and a gradual recovery in demand in the computer and network facilities terminal market.

Technically, after the trend line was blocked last week and fell below the main moving average on the daily chart, the Hang Seng Index increased its decline during the day and approached 17500 in the afternoon. It is expected that the trend line since the end of May can be supported, which can temporarily ease the pressure of falling to the 17,000 mark.