Hong Kong's stock market experienced a sharp sell-off on October 24, 2024, as investor sentiment was dampened by lower expectations for interest rate cuts by the Federal Reserve and uncertainty surrounding the upcoming U.S. presidential election, which could determine the future of Sino-U.S. relations.
The Hang Seng Index (HSI) plunged by 1.30%, while the Hang Seng Tech Index (HSTECH) suffered a steeper decline of 2.64%. Major tech and internet stocks bore the brunt of the sell-off, with Kingdee International (00268) plummeting 6.75%, Xinyi Solar (00968) falling 5.53%, China Cinda (01359) dropping 4.90%, Bilibili-W (09626) shedding 4.96%, and New Oriental-S (09901) tumbling 6.49% after releasing its latest quarterly earnings.
The lithium sector also faced selling pressure due to increased production and a relatively loose supply-demand balance, with no immediate price reversal expected. Ganfeng Lithium (01772) and Tianqi Lithium (09696) both declined by 4.21%.
Other notable losers included Meituan-W (03690), which fell 4.1%, BABA-W (09988) down 3.2%, SMIC (00981) shedding 2.2%, TENCENT (00700) dropping 1.5%, while HORIZONROBOT-W (09660) bucked the trend and rose 2.8%.
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