"Stocks in Motion" Zijin fell 3%, Chow Tai Fook dropped 2%, mainland measures affect international gold prices
Zijin fell 3.5% to 30.6 yuan, ZHAOJIN MINING fell 3% to 28.22 yuan, SD GOLD fell 2.9% to 31.48 yuan, LINGBAO GOLD fell 4.5% to 15.87 yuan, and CHIFENG GOLD fell 3.6% to 28 yuan. The cancellation of the gold retail value-added tax deduction in mainland China has caused spot gold prices to fall below $4,000, currently reported at $3,890.43. CHOW TAI FOOK fell 2.2% to 13.59 yuan due to the new tax policy increasing procurement costs. The Hang Seng Index rose 95 points to 26,254
"According to a report from Economic Information Agency on the 4th," Zijin (02899) is currently down 3.5%, trading at HKD 30.6; ZHAOJIN MINING (01818) is down 3%, trading at HKD 28.22; SD GOLD (01787) is down 2.9%, trading at HKD 31.48; LINGBAO GOLD (03330) is down 4.5%, trading at HKD 15.87; CHIFENG GOLD (06693) is down 3.6%, trading at HKD 28.
Recently, the mainland has canceled the value-added tax deduction on gold retail, causing spot gold prices to fall below USD 4,000 per ounce, hitting a low of USD 3,962.59, before briefly rising 0.71% to USD 4,030.59. However, during the Asian trading session, gold prices showed a weak trend. The latest spot gold price is reported at USD 3,890.43 per ounce, while December New York futures gold is reported at USD 3,999.20 per ounce.
After yesterday's decline, gold retail stocks continue to show weakness today, with CHOW TAI FOOK (01929) down 2.2%, trading at HKD 13.59; Luk Fook Holdings (00590) up 0.5%, trading at HKD 23.28; and Lao Pu Gold (06181) down 1.6%, trading at HKD 625.5. According to domestic media reports, CHOW TAI FOOK Jewelry stated that the recently announced tax policies related to gold have brought additional costs to gold procurement and production. Therefore, starting from Monday (3rd), they will adjust prices for some gold products.
Currently, the Hang Seng Index is at 26,254, up 95 points or 0.4%, with a main board turnover of nearly HKD 108.9 billion. The National Enterprises Index is at 9,294, up 35 points or 0.4%. The Hang Seng Tech Index is at 5,922, up less than 1 point or less than 0.1%.
| Stock (Code) | Current Price (HKD) | Change (%) |
|---|---|---|
| Zijin (02899) | 30.6 | -3.53% |
| ZHAOJIN MINING (01818) | 28.22 | -3.02% |
| SD GOLD (01787) | 31.48 | -2.9% |
| LINGBAO GOLD (03330) | 15.87 | -4.46% |
| CHIFENG GOLD (06693) | 28 | -3.65% |
| CHOW TAI FOOK (01929) | 13.59 | -2.23% |
| Luk Fook Holdings (00590) | 23.28 | +0.52% |
| Lao Pu Gold (06181) | 625.5 | -1.57% |
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