On Wednesday, October 16, the Hong Kong stock market showed mixed performance. The Hang Seng Index (HSI) fell by 0.16%, and the Hang Seng Tech Index (HSTECH) declined by 1.09%.
The Hypermarkets & Super Centers sector surged by 13.85%, leading the market. Other notable gainers included the Advertising sector, which increased by 5.27%, and the Real Estate Development sector, which rose by 5.11%. The Construction Materials and Home Furnishings sectors also saw significant gains, up by 4.23% and 3.54%, respectively.
Among individual stocks, NEW WORLD DEV gained 1.74%, while SENSETIME-W fell by 1.96%. GALAXY ENT dropped significantly by 4.05%, and YUEXIU PROPERTY rose by 5.98%. TSINGTAO BREW decreased by 1.55%, and ALI HEALTH was down by 2.26%.
CHINA JINMAO saw a substantial increase of 8.49%. The stock's performance was bolstered by the upcoming press conference by the State Council Information Office on October 17, which will discuss measures to promote the stable and healthy development of the real estate market. This news also positively impacted other real estate stocks, with Longfor Group rising by 7.80% and China Overseas by 3.76%.
CHINAHONGQIAO rose by 4.67%, driven by strong performance in its alumina business, which has been hitting new highs due to rising alumina prices and tight supply. This is expected to contribute significantly to the company's profits in the second half of the year.
SUNAC skyrocketed by 40.00%, benefiting from the same real estate market news. Other notable gainers included CHINA VANKE, which surged by 18.93%, and SEAZEN, which increased by 10.81%.
JD LOGISTICS rose by 4.05% after a report from BOCOM International projected a 6% year-on-year revenue increase for the third quarter, with adjusted net profit expected to grow by 29%.
CHABAIDAO saw a dramatic rise of 29.80%, with its stock price triggering a market adjustment mechanism due to volatility. The company's first store opening saw robust sales, driving investor enthusiasm.
In summary, while the overall market showed mixed results, specific sectors and stocks experienced significant movements, particularly in the real estate and hypermarkets sectors. Investors are closely watching the upcoming State Council press conference for further developments.
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