U.S. Stock Market Thanksgiving Break, H.K. Tech Stocks Decline

U.S. Stock Market

Fundamental Analysis:

The U.S. stock market remained closed on Thursday for Thanksgiving. However, on Friday, it will close three hours earlier than usual.

Hong Kong Stocks

Today, the three main indices of the Hong Kong stock market saw a downward trend from the start.

Notably, key technology stocks experienced a general decline. NetEase dropped nearly 3%, while Xiaomi, Meituan fell over 2%.

Companies like JD.com, Tencent Holdings, and Kuaishou also experienced drops exceeding 1%.

Automotive stocks faced significant declines, with BYD Company falling over 4%.

Real estate stocks collectively retreated, with Shimao Group witnessing a decline of over 8%.

According to reports from J.P. Morgan, China is considering allowing unsecured loans to real estate companies.

If strictly implemented, especially providing more of these loans to struggling private real estate firms, this could pose a negative impact for banks and might bring about medium-term credit risks.

Technical Analysis:  

(Hang Seng Index, 1-day chart)

Market Trends:

  • Hang Seng Index (HSI) down by 1.38%, closing at 17,663.08 points.
  • Hang Seng Tech Index (HSTECH) down by 1.61%, closing at 4,050.89 points.
  • Hang Seng China Enterprises Index (HSCEI) down by 1.55%, closing at 6,075.39 points.

FTSE China A50 Index

Fundamental Analysis:

On November 24, the three main indices of A-shares slightly opened lower, and after the market opened, there was a downward fluctuation.

The ChiNext Index fell by over 1%. On the other hand, the CSI 50 Index surged again, momentarily rising by over 5%.

Regarding industry sectors, rubber products, food and beverages, agriculture, pharmaceuticals, and coal industries saw significant increases.

Conversely, internet services, semiconductors, consumer electronics, automotive services, and electronic chemicals witnessed declines.

Concepts like pre-made meals, aquaculture, poultry, traditional Chinese medicine, and flu-related themes were active.

Technical Analysis:

(SSE Composite Index, 1-day chart)

Market Trends:

  • Shanghai Composite Index (SHCOMP) down by 0.48%, closing at 3,047.23 points.
  • Shenzhen Component Index (SZCOMP) down by 0.87%, closing at 9,846.3 points.
  • ChiNext Index (CHINEXT) down by 1.08%, closing at 1,940.07 points.
  • SSE STAR Market 50 Index (SSE50) down by 1.17%, closing at 867.53 points.

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