On October 24, 2024, Hong Kong stocks experienced a broad sell-off, with the Hang Seng Index (HSI) falling by 1.30% and the Hang Seng Tech Index (HSTECH) plummeting by 2.64%. The weak market sentiment was attributed to lower expectations of interest rate cuts by the Federal Reserve and concerns over the upcoming US presidential election, which could impact China-US relations.
Among the major decliners in the Hong Kong market was Ganfeng Lithium (01772), a leading lithium company. Ganfeng Lithium's stock fell by 4.21%, along with Tianqi Lithium (09696), which dropped by 4.21%. The lithium sector faced pressure due to increased production and a relatively loose supply-demand balance, with no immediate price reversal expected.
Other notable decliners included Meituan-W (03690), which fell 4.1%, Alibaba-W (09988), down 3.2%, SMIC (00981), down 2.2%, and Tencent (00700), down 1.5%. In contrast, Horizon Robotics-W (09660) rose 2.8%.
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