HSI Below 17,000 after Midday, Logging 3-mth Low; MEITUAN Slips 6%+; HK Mkt Outshines

　　Major stock markets in the Asia Pacific region tumbled across the board today (25th) amid elevating risk aversion. Nikkei 225 Stock Average closed down 1,285 pts or 3.3%. Hong Kong bourse continued the downtrend of the past two days, sinking below the 17,000 mark after midday, down 335 pts at one point, hitting a three-month low of 16,975. The HSI last reported at 17,010, a further slip of 300 pts or about 1.7%, with a turnover of $79.096 billion.

　　MEITUAN-W (03690.HK) -6.400 (-5.649%) Short selling $585.15M; Ratio 17.534% plunged 6.2%, being the biggest loser among blue chips, closing at $106.3, an almost two-month low, with turnover of $4.182 billion. Other heavyweight internet/ technology equipment stocks declined in line with the external pressure, with LENOVO GROUP (00992.HK) -0.390 (-3.794%) Short selling $41.56M; Ratio 20.718% , TRIP.COM-S (09961.HK) -11.200 (-3.123%) Short selling $31.40M; Ratio 16.086% and TENCENT (00700.HK) -11.600 (-3.194%) Short selling $486.25M; Ratio 10.040% each dived about 3%-3.7%. BIDU-SW (09888.HK) -1.850 (-2.108%) Short selling $42.31M; Ratio 13.900% , XIAOMI-W (01810.HK) -0.360 (-2.177%) Short selling $86.53M; Ratio 14.855% and LI AUTO-W (02015.HK) -1.500 (-2.013%) Short selling $71.16M; Ratio 24.675% fell off 1.9%-2.6%. KUAISHOU-W (01024.HK) -0.550 (-1.259%) Short selling $76.31M; Ratio 20.462% , BILIBILI-W (09626.HK) -1.400 (-1.221%) Short selling $32.77M; Ratio 25.057% and JD-SW (09618.HK) -1.200 (-1.193%) Short selling $13.90M; Ratio 6.894% each sank about 1%. BABA-SW (09988.HK) -0.700 (-0.943%) Short selling $136.50M; Ratio 14.880% dipped 0.6%.

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　　The commodity sector was under hefty selling pressure, with the three oils PETROCHINA (00857.HK) -0.290 (-4.096%) Short selling $41.14M; Ratio 7.516% and CNOOC (00883.HK) -0.900 (-4.369%) Short selling $185.43M; Ratio 13.171% diving 3.4%-4.2%, and SINOPEC CORP (00386.HK) -0.090 (-1.822%) Short selling $73.41M; Ratio 33.730% losing 1.4%. ZIJIN MINING (02899.HK) -0.800 (-5.096%) Short selling $133.70M; Ratio 23.343% stumbled 5.7%. CHINA SHENHUA (01088.HK) -0.800 (-2.370%) Short selling $56.06M; Ratio 21.276% plummeted 3%. CHINAHONGQIAO (01378.HK) -0.270 (-2.792%) Short selling $15.74M; Ratio 8.598% faded 1.4%. Shares of “Valuation System with Chinese Characteristics (VSCC)” were subdued. Among the three major Chinese telecoms, CHINA MOBILE (00941.HK) -0.900 (-1.192%) Short selling $110.70M; Ratio 11.556% eroded 1.3%. CHINA TELECOM (00728.HK) -0.150 (-3.125%) Short selling $7.68M; Ratio 7.588% plunged nearly 3%. CHINA UNICOM (00762.HK) -0.390 (-5.228%) Short selling $14.95M; Ratio 10.135% collapsed 4.8%.

　　Many major Chinese banks lowered their deposit interest rates. CM BANK (03968.HK) -1.200 (-3.598%) Short selling $180.79M; Ratio 21.642% cascaded 3.3%. CCB (00939.HK) -0.070 (-1.273%) Short selling $298.04M; Ratio 29.158% , ICBC (01398.HK) -0.050 (-1.139%) Short selling $271.65M; Ratio 45.776% and BANK OF CHINA (03988.HK) -0.030 (-0.870%) Short selling $206.22M; Ratio 46.400% inched down 0.6%-0.9%. Citi released a report, expecting that the net profit of CMB in 2Q will be lower than expected, making it difficult to justify the valuation premium. HSBC HOLDINGS (00005.HK) -0.650 (-0.975%) Short selling $88.95M; Ratio 32.212% edged down 0.5%. AIA (01299.HK) -0.650 (-1.260%) Short selling $167.21M; Ratio 17.632% and HKEX (00388.HK) -3.200 (-1.375%) Short selling $75.04M; Ratio 14.488% dropped more than 1% each. CHINA LIFE (02628.HK) -0.260 (-2.425%) Short selling $29.19M; Ratio 16.987% sagged 2.6%.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-25 12:25.)

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