Following the extended National Day holiday, the Chinese Communist Party’s National Development and Reform Commission held a press conference at 9:00 a.m. Beijing time on October 8. During the conference, the Hong Kong stock market experienced a sharp decline, with the Hang Seng Index falling by more than 2,300 points at one point.
October 8 did not see the expected rise in the Hong Kong stock market. It started to drop gradually after the morning opening and during the press conference held by the National Development and Reform Commission of China, the Hang Seng Index plummeted by over 2,300 points.
As of 10:43 a.m. Beijing time, the market turnover reached 267 billion Hong Kong dollars, and the Hang Seng Technology Index recorded its largest decline on record. At midday trading, the Hang Seng Index plunged by 1,289 points or 5.58%, temporarily reporting at 21,810 points, with a transaction amount of 384.7 billion Hong Kong dollars.
According to Hong Kong’s “Ming Pao” newspaper, on the morning of October 8, the Hang Seng Index saw an expanded decline, reaching a maximum drop of 2,336 points, a decrease of 10.12%, marking the largest decline since October 27, 2008, when it fell by 15.39%. The index hit its lowest point at 20,762.82, the lowest since September 27’s 20,268.63. Currently, it is reported at 21,102.57 points, down by 8.65%.
On the morning of October 8, the Hang Seng Technology Index saw a maximum decline of 14.39%, the largest on record, hitting a low of 4,611.45 points, the lowest since September 30’s 4,539.56 points. It is now reported at 4,688.64 points, down by 12.96%.
The State-Owned Enterprises Index witnessed a maximum drop of 10.92% on October 8, marking the largest decline since October 27, 2008, when it fell by 17.41%. It hit a low of 7,421.28, the lowest since September 30’s 7,345.26. Currently, it stands at 7,540.51 points, down by 9.49%.
According to Central News Agency reports, some market analysts believe that one of the reasons for the significant drop in the Hong Kong stock market on October 8 is that some investors were taking profits, and the other reason is that the information revealed during the press conference by the National Development and Reform Commission did not bring any surprises to the market, prompting investors to sell stocks preemptively.
It is analyzed that the financial and monetary measures announced by Beijing at the end of last month to rescue the real estate and stock markets are still influencing the Hong Kong stock market. However, due to the rapid rise in the Hong Kong stock market earlier, many people took the opportunity to profit, causing market fluctuations. Investors can observe before making decisions.
On October 8, China’s National Administration held a press conference, where Vice Director Zhao Chenxin of the National Development and Reform Commission mentioned that the economic growth rate of China in the first half of this year was 5%…
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