HSI Ends Down 239 Pts; TENCENT, NTES Each Slump 7%+; Kingboard Series Plunge; Gold Miners Rally Against Mkt
AASTOCKS News·- The HSI closed at 24,892, down 239 points or 0.95%, with a turnover of HKD 312.763 billion, while major tech stocks like Tencent and Netease saw significant declines. - Despite the broader market downturn, resource and metal stocks rallied, with Zijin Mining rising by 6.03% and several others gaining around 15%. - JPMorgan adjusted the target price for Z.AI and MINIMAX-W, which led to Z.AI dropping 3.61% and MINIMAX-W plummeting 11.42%.Reserve Bank may have sold gold to save forex reserves, shows analysis
Business Standard·- India's central bank reportedly sold approximately $12 billion in gold reserves to protect its foreign-currency assets amid geopolitical tensions in West Asia. - The Reserve Bank of India (RBI) has shifted focus towards maintaining liquid foreign currency reserves as the rupee faces pressure due to ongoing capital outflows and rising oil prices. - The RBI's gold repatriation strategies reflect broader concerns about reserve exposure following Russia's asset freezes, with expectations of further measures to stabilize the rupee announced soon.