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<H Shrs>HSI Ends Down 183Pts; Autos Spike; SANDS CHINA LTD Slips 4%+
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The HSI concluded at 25,635, down 183 points or 0.7%. The HSCEI dipped 23 points or 0.26% to close at 8,891. The HSTECH fell 16 points or 0.3% to close at 5,483. Total market turnover was HK$224.508 billion. China’s Ministry of Finance indicated that it will continue to implement a more proactive fiscal policy next year, expanding fiscal spending and supporting the trade-in of old consumer goods. In addition, the National Development and Reform Commission urged comprehensive rectification of “involution” competition in the “New Three Industries”, including NEVs. Autos rallied, with GEELY AUTO (00175.HK) up 3.4%, LI AUTO-W (02015.HK) up 1.6%, and NIO-SW (09866.HK) up 4.9%. BYD COMPANY (01211.HK) soared 3.7%, becoming the best-performing blue chip. The group denied plans to launch flying cars. XPENG-W (09868.HK) rallied 3.9%, as the group entered the Qatari market and reached a strategic cooperation agreement with a partner in Mauritius. LEAPMOTOR (09863.HK) issued domestic shares to FAW Equity at a 10.7% premium, involving over HK$4.1 billion, and its share price closed up 0.9%. MGM CHINA (02282.HK) plunged over 17.1% to close at HK$12.91. Morgan Stanley downgraded the stock to Equal-weight as it expected MGM CHINA’s royalty payment to its parent company to double YoY next year. Other gaming stocks also suffered losses, with SANDS CHINA LTD (01928.HK) down 4.5%, making it the worst-performing blue chip. WYNN MACAU (01128.HK) and MELCO INT'L DEV (00200.HK) dived 4% and 5.3% respectively, while GALAXY ENT (00027.HK) lost 2.9%. AAStocks Financial News |
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