<p>Under the drag of financial and technology stocks, the Hang Seng Index (HSI) fell today and lost the 18,000 level. Several members of the European Central Bank downplayed market expectations of a rate cut early next year, and US Treasury yields also rose. The Dow Jones Industrial Average and the Nasdaq Composite both fell 0.8% and 1.6% respectively last Friday (15th). At the time of writing, the yield on the US 10-year Treasury bond rose to 4.345 basis points, the US dollar index stood at 105.3, Dow futures rose 36 points or 0.1%, and Nasdaq futures rose 0.14%. The China Securities Regulatory Commission further intensified its crackdown on illegal reduction of holdings. The Shanghai Composite Index rose 8 points or 0.26% to close at 3,125 points, and the Shenzhen Component Index rose 0.55%. The total turnover of the Shanghai and Shenzhen stock markets was 698.5 billion yuan. The HSI opened lower by 113 points, initially falling to 17,894 points, a decline of 288 points. The decline narrowed at one point, but the decline widened again during the afternoon session. The HSI fell 252 points or 1.4% to close at 17,930 points; the HSTECH Index fell 90 points or 2.2% to close at 3,987 points. The total turnover of the market was 84.506 billion yuan, with a net inflow of 5.349 billion yuan and 4.695 billion yuan through the Shanghai and Shenzhen-Hong Kong Stock Connect programs, respectively. The market is concerned about the high US Treasury yields, which have dampened the performance of technology stocks. Tencent (00700.HK) fell nearly 1.6% to close at HK$312.2, down for the fifth consecutive day (a cumulative decline of 3.6%). Alibaba (09988.HK) and Meituan (03690.HK) both fell 2.4% and 1.9% respectively, and JD.com (09618.HK) fell nearly 2.9% to close at HK$121, hitting a new low. In addition, SMIC (00981.HK) fell 5.1%. [Tencent's &#34;five consecutive declines&#34; weigh on property stocks] Property stocks generally fell. R&amp;F Properties (01109.HK), Greentown China (03900.HK), and China SCE Group (01030.HK) fell 3.4% to 4.3%, Country Garden Services (03383.HK) fell 6.3%, KWG Group (02777.HK) fell 6.4%, and China Overseas Land &amp; Investment (03377.HK) fell 5.2%. Citigroup's report pointed out that a round of easing policies targeting second-tier cities has been implemented since September, and the pace of implementation has accelerated compared to the previous round. As some buyers are waiting for further easing policies in the short term, sales in the third week of September have not rebounded. The bank expects a marginal sales impulse in September, but it needs to wait until November for evaluation. The effectiveness of the policy remains to be seen, and sustainable demand recovery depends on employment or income expectations, stable housing prices, and delivery issues. [MGM rises as stocks fall] The main board of the Hong Kong stock market weakened today, with a ratio of 14 to 26 for the rise and fall of main board stocks (compared to 23 to 19 the previous day), and 1,130 stocks fell (a decline of 3%). Among the constituent stocks of the HSI, 8 stocks rose today and 69 stocks fell, with a ratio of 10 to 86 (compared to 71 to 24 the previous day). The market recorded short selling of HK$19.679 billion, accounting for 26.824% of the turnover of shortable stocks of HK$73.363 billion (compared to 17.692% the previous day).
Climbed to a recent high. Some casino stocks performed well, with Sands China (00027.HK) rising nearly 1.8% to close at HKD 51.4, and MGM China (02282.HK) up 3.3%. According to a report by Goldman Sachs, investors were recently organized to visit Macau and meet with the management of six local gaming companies. It was learned that since September, casino gross revenue has experienced a slight slowdown, similar to the seasonal performance before the Golden Week in the past. Operators are optimistic about the tourism and gaming demand during the National Day holiday, especially with the Mid-Autumn Festival coinciding with the National Day, resulting in an 8-day holiday, one day longer than before. Compared to two to three weeks ago, hotel bookings and prices have both increased. Sands China and MGM China have reported that over 90% of their rooms are already fully booked for the Golden Week. Based on the analysis of market share calculated by casino gross revenue, Goldman Sachs believes that with the increase in hotel occupancy rate at Sands China and the trial operation of the third phase of the Parisian Macao in July, the third quarter will regain some market share. The market share of MGM China dropped from 14.7% in the second quarter to 14% in August, but remained stable on a monthly basis. (wl/a)</p>

<p>Affected by the drag from financial and technology stocks, the Hang Seng Index retreated today and fell below the 18,000 level. Several members of the European Central Bank downplayed market expectations of an interest rate cut early next year, while US Treasury yields also rose. The Dow Jones and Nasdaq both fell 0.8% and 1% respectively last Friday (15th).</p>

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Daily Market Review: Hang Seng Index Declines, Tencent Continues to Fall for the Fifth Consecutive Time, Real Estate Stocks Show Weakness