Watching the Fed's interest rate decision, the Hang Seng Index fluctuated within a narrow range throughout the day, with a turnover of less than HKD 200 billion | Hong Kong stocks closing
On the eve of the announcement of the Federal Reserve's interest rate decision, the market was filled with a cautious atmosphere. The Hang Seng Index fluctuated within a narrow range throughout the day, closing up 106 points at 25,540 points, with a trading volume dropping to HKD 193.4 billion. JD.com confirmed the acquisition of half of the equity in the Central Construction Bank Building, with its stock price slightly down by HKD 0.1; Alibaba's stock price rose by 1.5%, and its AI application Qianwen's monthly active users surpassed 30 million. Meituan's stock price increased by 2.7%, and HSBC Holdings' stock price rose by 2%. Country Garden's stock price rebounded by 6.5%. Analysts pointed out that if the Hang Seng Index fails to break through the 100-day moving average, the subsequent trend may be bearish
On the eve of the Federal Reserve's interest rate announcement, the market was in a cautious wait-and-see mode, with the Hang Seng Index fluctuating within a narrow range throughout the day, closing up 106 points at 25,540 points. The total market turnover fell to HKD 193.4 billion, dropping below the HKD 200 billion mark, while northbound capital recorded a net outflow of about HKD 1 billion.
After a slight opening gain of 1 point, the Hang Seng Index experienced a volatile trend, dipping to 25,257 points at one point, down 177 points. However, after two consecutive days of decline on Monday and Tuesday, the index finally found support at the lower levels. Additionally, the domestic inflation data met expectations, alleviating market concerns about deflation. The Hang Seng Index improved in the afternoon and closed at the day's high of 25,540 points. Investors remained cautious, with the day's high-low range only 283 points.
JD.com (9618) confirmed that its subsidiary acquired a 50% stake in the Central Construction Bank Building, with its stock price slightly dropping by HKD 0.1. In contrast, Alibaba (9988), which also invested in Hong Kong properties earlier, saw its stock price rise by 1.5%. According to domestic media citing Alibaba's data, the AI application Qianwen under Alibaba has surpassed 30 million monthly active users just 23 days after its public beta on November 17, becoming the fastest-growing AI application globally. Among heavyweight tech stocks, Meituan (3690) performed well, with its stock price rising by 2.7%, closing at HKD 100 as a "red chip." Together, Meituan and Alibaba boosted the Hang Seng Index by 53 points.
HSBC Holdings (005) CEO Noel Quinn stated in an interview with foreign media that HSBC's simplification efforts have not yet reached key targets, and the bank is committed to integrating artificial intelligence into its operations. HSBC's stock price rose by 2%, closing at HKD 111.7, contributing 41 points to the Hang Seng Index.
Country Garden (3383) expressed strong opposition to the liquidation petition it received, with its stock price rebounding by 6.5%, closing at HKD 0.33. After a round of liquidation on Tuesday, domestic property stocks significantly rebounded, with Vanke (2202) rising over 13% and Sunac China (1918) increasing by nearly 9%.
Chief Analyst Nie Zhenbang from GaoGe Securities Financial stated that if the Hang Seng Index fails to break through the 100-day moving average before Friday, the likelihood of a bearish trend will increase, with the 25,000 to 25,200 range becoming an important support level. He further noted that attention should be paid to the monetary policy signals released during the press conference following Federal Reserve Chairman Jerome Powell's remarks. If U.S. stocks decline in response, Hong Kong stocks will also face pressure.
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This morning, the Hang Seng Index opened slightly higher by 1 point but then fluctuated downward, dropping as much as 176 points to a low of 25,257 points. It closed at 25,325 points at noon, down 109 points or 0.4%, with a turnover of HKD 95.743 billion.
The Tech Index fell by 37 points or 0.7%, closing at 5,516 points. Internet stocks showed mixed performance, with Tencent (700) down 0.99%; Alibaba (9988) up 0.59%; and Meituan (3690) up 1.18%.
JD.com (9618) confirmed the acquisition of a 50% stake in the China Construction Bank Building under Lixin Development (488). JD.com was down 0.78% for the half-day, while Lixin Development rose by 1.58% Changfei Fiber Optic Cable (6869) plans to issue shares at a discount of nearly 15%, netting HKD 2.23 billion to develop overseas business. The stock price rose by 8.1% at one point, closing at HKD 39.64, up 4.53%.
Resource stocks are in demand, with Zijin (2899) rising 1.53% and Hongqiao (1378) also up 1.53%.
0930: The market is awaiting the results of the U.S. Federal Reserve's interest rate meeting. U.S. stocks showed no clear direction on Tuesday, with the three major indices developing differently. The Dow Jones fell 179 points or 0.38%, closing at 47,560 points; the S&P 500 dropped 6 points or 0.09%, closing at 6,840 points; the Nasdaq rose 30 points or 0.13%, closing at 23,576 points; the Golden Dragon Index, reflecting the performance of Chinese concept stocks, fell 1.37%, closing at 7,730 points.
Major tech stocks also had mixed results, with Tesla up 1.27%, Alphabet rising 1.07%, Amazon increasing 0.45%, and Microsoft gaining 0.2%; Apple and NVIDIA fell 0.26% and 0.31%, respectively, while Meta dropped 1.48%.
JP Morgan fell 4.66%, marking its largest single-day drop since April, after the company's management indicated that they expect total expenditures to reach USD 105 billion in 2026, far exceeding expectations; they also warned that the consumer environment appears somewhat fragile.
The U.S. Department of Labor's Job Openings and Labor Turnover Survey (JOLTS) showed that job openings reached 7.67 million in October, the highest level in five months, exceeding the market expectation of 7.15 million. Kevin Hassett, a popular candidate for the next Federal Reserve Chair and Director of the White House National Economic Council, stated that the Federal Reserve "has ample room" to significantly cut interest rates, meaning a reduction greater than 0.25%.
Meituan rises 1%, JD.com falls 0.52%
In the Hong Kong stock market, the Hang Seng Index opened 1 point higher, at 25,435 points. Tech stocks showed mixed results, with Meituan (3690) up 1.07%; Baidu (9888) rising 0.9%; Tencent (700) slightly down 0.08%; Alibaba (9988) down 0.26%; and NetEase (9999) down 1.22%.
Lixin Development (488) announced the sale of a 50% stake in the China Construction Bank Building for nearly HKD 3.5 billion. Reports indicate that the buyer is a subsidiary of JD.com (9618). JD.com fell 0.52%, while Lixin Development rose 4.76%.
Related article: Lixin Development confirms the sale of the China Construction Bank Building in Central for nearly HKD 3.5 billion. The group states that this will significantly improve its financial situation, with the buyer reportedly being JD.com.
Baoji Pharmaceutical (2659) was newly listed today, opening at HKD 60.5, which is 129.34% higher than the offering price of HKD 26.38.
Silver prices hit a new high, with spot silver first surpassing USD 60. China Silver Group (815) rose 7.46%.
Regarding northbound capital flows, there was a net purchase of HKD 531 million in Hong Kong stocks yesterday. Tencent (700), Xiaomi (1810), and Alibaba (9988) saw net purchases of HKD 878 million, HKD 540 million, and HKD 425 million, respectively; while Pop Mart (9992), SMIC (981), and Sanofi (1530) experienced net sales of HKD 574 million, HKD 118 million, and HKD 91.39 million, respectively
