Market Commentary - Foreign Markets
Hong Kong Market closes softer As on : 22-May-24  15:49

Hong Kong share market finished session marginally in negative territory on Wednesday, 22 May 2024, extending yesterday?s losses amid caution ahead of earnings results from US chipmaker Nvidia.

At closing bell, the benchmark Hang Seng Index fell 25.02 points, or 0.13%, to 19,195.60. The Hang Seng China Enterprises Index dropped 3.29 points, or 0.05%, to 6,817.68.

Among blue-chips stocks, Gaming firm NetEase weakened 2.8% to HK$154 and food delivery platform Meituan declined 0.7% to HK$120.60 before their earnings announcements later today. Alibaba lost 1.7% to HK$82.95, and peer JD.com dropped 2.3% to HK$128.90 after the company announced a US$1.75 billion of convertible bonds sales which has the potential to dilute earnings.

Gainers included Li Auto which jumped 2% to HK$82.25 while its peer Geely added 1.4% to HK$10.38. PC maker Lenovo surged 12.7% to HK$11.44 and smartphone maker Xiaomi added 0.9% to HK$19.48

Sinohope Technology Holdings advanced nearly 8% after the company forecasts it will log a profit of not less than HK$80 million in the six months through March 2024, compared with a loss of HK$232.4 million in the year-ago period.

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