<p>As expected by the market, the U.S. Federal Reserve cut interest rates by 0.25 basis points and announced the purchase of short-term government bonds. However, Fed Chairman Jerome Powell's subsequent hawkish statement indicated that there would be a period of inaction in the future. Coupled with the weakness in the Shanghai and Shenzhen stock markets dragging down the performance of Hong Kong stocks, the Hang Seng Index opened high but closed lower on Thursday, ending the day at 25,530 points, down 10 points. The total market turnover decreased to HKD 182.4 billion, less than HKD 200 billion, marking the lowest in a week. Northbound funds flowed in with HKD 791 million.</p>
<p>After opening 170 points higher, the Hang Seng Index rose as much as 261 points. However, as the Shanghai and Shenzhen stock markets turned from gains to losses, and some technology stocks also declined, the Hang Seng Index's gains evaporated, and it fell as much as 10 points, closing at 25,530 points, down 10 points. The Hang Seng China Enterprises Index closed at 8,934 points, down 20 points; the Hang Seng Tech Index closed at 5,534 points, down 46 points.</p>
<h2>Alibaba down 1.7%</h2>
<p>Microsoft plans to launch a new AI model on Friday, but the interest rate cut is favorable for tech stocks. Among tech stocks, performances varied, with some heavyweight stocks dragging down the market. Alibaba (9988) fell 1.7%, closing at HKD 150.6; Tencent (700) dropped 0.2%, closing at HKD 601.5; JD.com (9618) fell 0.4%, closing at HKD 114.3. Meituan (3690) rose 1.5%, closing at HKD 101.5; Xiaomi (1810) increased by 1%, closing at HKD 42.18.</p>
<p>With the U.S. cutting interest rates again, the local banks' best lending rate (P) remained unchanged, and local bank stocks performed well against the market trend. HSBC (005) once &#34;hit a new high&#34; at HKD 115.3, closing up 2.1% at HKD 114; Hang Seng Bank (011) rose 0.1%, closing at HKD 153; Bank of East Asia (023) increased by 0.5%, closing at HKD 13.17; Bank of China Hong Kong (2388) rose 0.5%, closing at HKD 37.54; Standard Chartered (2888) climbed 1.5%, closing at HKD 177.</p>
<p>Mainland chip stocks were generally weak, with SMIC (981) dropping 2.3%, closing at HKD 67.15; Fudan Semiconductor (1385) fell 2.6%, closing at HKD 40.44; Tianyu Semiconductor (2658) declined 6%, closing at HKD 45.76; Hua Hong Semiconductor (1347) decreased by 4.8%, closing at HKD 72.4.</p>
<h2>JD Industrial listed flat</h2>
<p>In individual stocks, newly listed JD Industrial (7618) closed flat at HKD 14.1.</p>
<p>According to foreign reports, ZTE Corporation (763) may pay over USD 1 billion to the U.S. government to resolve allegations of overseas bribery. The stock plummeted 13.1%, closing at HKD 27.5; Pop Mart (9992) appointed Wu Yue, President of LVMH Greater China, as a non-executive director, sparking hopes for cooperation between the two parties. Pop Mart rose 1.6%, closing at HKD 193.4.</p>
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<p>1210: Affected by the U.S. announcement of an interest rate cut, the Hang Seng Index opened 169 points higher this morning, but the gains gradually narrowed, rising only 22 points or 0.09% at noon, reporting 25,563 points, with a turnover of HKD 95.3 billion;
In terms of the technology index, the trend also opened high and closed low, with a midday decline of 36 points or 0.65%, reporting at 5544 points.</p>
<h2>Hansoh Pharmaceutical and WuXi AppTec both rise over 2%</h2>
<p>Among blue-chip stocks, HSBC (005) rose nearly 2% in the first half of the day, strongly supporting the market; in contrast, Alibaba (9988) and SMIC (981) fell 0.8% and 2.5% respectively, dragging down the Hang Seng Index. In terms of stock price fluctuations, Hansoh Pharmaceutical (3692) and WuXi AppTec (2359) rose 2.3% and 2% respectively, making both pharmaceutical stocks the best-performing blue chips of the half-day.</p>
<p>In individual sectors, mainland chip stocks were generally weak; apart from SMIC, Tianyu Semiconductor (2658) fell 5.9%, Horizon Robotics (9660) fell 2.9%, and Shanghai Fudan (1385) and Hua Hong Semiconductor (1347) also fell 2.9% and 2.5% respectively.</p>
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<p>The U.S. Federal Reserve announced a rate cut of 0.25% as expected, with Chairman Powell also announcing the start of purchasing $40 billion in government bonds from Friday, and expecting the purchase scale to remain at a high level for several months. All three major U.S. stock indices rose on Wednesday, with the Dow Jones up 497 points or 1.05%, reporting at 48,057 points; the S&amp;P 500 up 46 points or 0.67%, reporting at 6,886 points; and the Nasdaq up 77 points or 0.33%, reporting at 23,654 points. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, also rose 0.64% to 7,780 points.</p>
<h2>Oracle plummets over 11% after hours</h2>
<p>Among focus stocks, Oracle (ORCL) announced its second-quarter results, with total revenue rising 14% year-on-year to $16.058 billion; adjusted earnings per share rose 54% to $2.26; remaining performance obligations (RPO, a measure of order indicators) rose to $68 billion, reaching $523 billion, better than the market expectation of $519 billion. However, the market is concerned that its large-scale artificial intelligence orders may take longer to fulfill, causing the stock to plummet over 11% to $197.27 after hours.</p>
<p>In the Hong Kong stock market, the Hang Seng Index opened 169 points higher this morning, reporting at 25,710 points. Tech stocks developed individually, with Alibaba (9988) reportedly using META's Qianwen to optimize its new AI model, opening over 1% higher; Tencent (700) also rose 1%; Meituan (3690) rose 0.2%; while JD.com (9618) and Xiaomi (1810) remained unchanged. Additionally, HSBC (005) opened up 2.4%, making it the best-performing blue chip.</p>
<h2>JD Industrial's public offering oversubscribed nearly 60 times</h2>
<p>In new stock news, JD Industrial (7618), spun off from JD Group, listed today for the first time, with its public offering portion recording an oversubscription of 59.5 times, with a 35% chance of winning a lot, and the international offering oversubscribed about 6.9 times, but opened at 13 HKD, down 7.8%.</p>
<p>In individual stock news, CSPC Pharmaceutical (1093) announced that the restructured fully human anti-Act RIIA/IIB monoclonal antibody (JMT206) developed by the group has been approved by the U.S. Food and Drug Administration (FDA) to conduct clinical trials in the United States, with the approved clinical indication being weight management for individuals with obesity or overweight combined with at least one weight-related comorbidity
The product was also approved by the National Medical Products Administration for clinical trials in China this November. The stock opened at HKD 7.76, down HKD 0.13.</p>
<p>Regarding the northbound capital flow, there was a net sell of HKD 1.018 billion in Hong Kong stocks yesterday, with Xiaomi (1810), Agricultural Bank of China (1288), and Alibaba (9988) receiving net purchases of HKD 620 million, HKD 395 million, and HKD 343 million, respectively; while Tracker Fund of Hong Kong (2800), Tencent (700), and SMIC (981) faced net sells of HKD 1.559 billion, HKD 606 million, and HKD 451 million, respectively</p>

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<p>The Hang Seng Index opened high and closed low on Thursday, ending at 25,530 points, down 10 points. HSBC rose by 2.1%, closing at HKD 114. Chip stocks were generally weak, with Hua Hong Semiconductor falling by 4.8%</p>

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The Hang Seng Index opened high but closed down 10 points. HSBC rose by 2%, while chip stocks were weak, with Hua Hong falling by 4.8% | Hong Kong stock market opens