On October 24, 2024, Hong Kong stocks experienced a significant sell-off, with the Hang Seng Index (HSI) plunging 1.30% and the Hang Seng Tech Index (HSTECH) plummeting 2.64%. The market sentiment was dampened by lower expectations for interest rate cuts by the Federal Reserve and concerns over the tight U.S. presidential election, which could determine the future of China-U.S. relations.
Heavyweight tech stocks bore the brunt of the selloff, with Meituan-W (03690) dropping 4.1%, Alibaba-W (09988) falling 3.2%, and Tencent (00700) declining 1.5%. The lithium sector also witnessed selling pressure as investors anticipated an increased supply and a relatively loose supply-demand balance, with no immediate price reversal expected. Notably, Ganfeng Lithium (01772) and Tianqi Lithium (09696) both fell by 4.21%.
Among individual stocks, Kingdee International (00268) saw a significant drop of 6.75%, while Xinyi Solar (00968) also fell sharply by 5.53% after JPMorgan suggested caution ahead of its third-quarter earnings release. China Cinda (01359) declined by 4.90%, and Bilibili-W (09626) dropped by 4.96%. New Oriental-S (09901) plummeted by 6.49% after releasing its latest quarterly earnings, which showed a 30.5% year-over-year increase in net revenue but highlighted slowing growth in certain segments.
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