The US stock market generally rose last night (December 2), with weak performance in mainland A-shares and low closing for Hong Kong stocks. The Hang Seng Index opened lower by 114 points this morning (December 3), then continued to decline, dropping to a low of 370 points during the session, and eventually closing at 25,760 points, down 334 points (1.3%), with a turnover of HK$164.4 billion. The Shanghai Composite Index fell by 1.7%, while the Shenzhen Component Index decreased by 1.6%.
Tencent (00700) fell by 1.0%, Alibaba (09988) dropped by 2.2%, Meituan (03690) declined by 0.6%, JD.com (09618) decreased by 0.4%, Hong Kong Exchanges and Clearing (00388) was down by 1.5%, and HSBC Holdings (00005) rose slightly against the market, gaining 0.2%; the best and worst performing blue-chip stocks were CR Technology (00669) rising by 3.2% and China Life (02628) dropping by 3.6%.
Real estate giant Vanke (02202) fell by 3.0% as its financial troubles remain unresolved. According to foreign media reports, at least three investors of Vanke have indicated their opposition to the plan to delay payments.
Fosun International (00459) announced that its shares would be temporarily suspended from trading starting at 1:00 PM in preparation for a disclosure that constitutes inside information under the Hong Kong Code on Takeovers and Mergers.
HSBC Holdings (00005) announced that the board has formally appointed Mark Liebelt as the group’s chairman. Liebelt joined the board in September 2023 and has been serving as acting chairman since October this year.
Morgan Stanley reiterated its positive outlook on HSBC (00005), citing the strong growth in HSBC’s wealth management business and the synergies expected with Hang Seng Bank (00011, down by 0.1%); in addition, the operating environments in Hong Kong and the UK are both showing signs of improvement.
The Mandatory Provident Fund (MPF) consultant company GUM reported that the MPF continued to record gains in the first half of December, benefiting from the new highs in the US stock market and a rebound in the bond market, with an average return of HK$2,369 per person. GUM’s MPF mid-month statistics show positive returns for equity, mixed asset, and fixed income funds, propelling the overall performance of the MPF in 2023 to successfully regain lost ground, with an expected per capita earnings of over HK$5,000 for the whole year.
As of press time, Brent crude oil rose by 0.7% to $63.2 per barrel, while the “three barrels of oil” showed weakness, with PetroChina (00857) falling by 0.8%, CNOOC (00883) declining by 0.6%, and Sinopec (00386) dropping by 0.9%.