Hong Kong stocks in the luxury goods and jewelry retail sectors both fell today. $LAOPU GOLD(06181.HK) dropped 3.5%, and $TONGSHIFU(00664.HK) fell 3.1%😥
Expectations for a recovery in mainland high-end consumption have recently encountered renewed resistance. The sentiment in luxury consumption is highly correlated with overall consumer confidence.
When market concerns about the domestic economy intensify, high-end retail often falls faster.
Both targets broke through key support levels today, indicating a short-term bearish bias. We need to wait for sentiment to stabilize before reassessing opportunities😔
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