October 11th news, overnight US stock closed down, Nasdaq hit a new low this year. The three major stock indexes fell for the fourth consecutive trading day. Concerns about the Fed's aggressive rate hikes in put pressure on the stock index. Yesterday, Hong Kong stock fell sharply. In the morning today, Hang Seng Index opened low and closed low. As the afternoon session was around the corner, the Hang Seng Index narrowed. As of midday session, the Hang Seng Index fell 1.56% to 16948.51 points, Chuangke Industrial rose more than 4%, leading the rise of blue chip , and Geely Auto rose nearly 2%.
Hang Seng Technology Index fell 2.96%, Bilibili fell more than 9%, Meituan fell more than 6%, new energy vehicle stocks opened low and closed high, Ideal Auto rose more than 1%, and Xiaopeng rose 0.5%. In addition, Geely Auto, , BYD, , etc. rose by nearly 2%.
Hong Kong power stocks are in a strong trend, Datang Power Generation rose 8.55%, China Power rose 5.6%, China Resources Power rose more than 5%, and China General Nuclear Power New Energy rose 4.72%.
Expert opinion:
Huasheng Securities senior analyst Louis said the Philadelphia Semiconductor Index fell sharply and hit a 52-week low, the lowest closing since November 2020. The chip sectors in technology stocks in have all fallen sharply. Nvidia hit $114.08, down more than 3.3%, and hit a 52-week low. Qualcomm , Broadcom , ADM, and TSMC ADR all fell sharply. Synchronous drags down the Nasdaq with a sharp decline. After the three major U.S. stock indexes opened higher in the early stage, the Dow Jones Industrial Average rose by more than 189 points, but technology stocks were sold sharply. The Nasdaq was the first to fall back and fall, falling by as much as 203 points, setting a new 52-week low. S&P followed the decline, falling by 51 points at most, only 4 points away from the current year's low. The Dow Jones Industrial Average also repeatedly softened to a maximum of 286 points. The three major indexes all recovered more than half of the lost territory and closed the market.
After opening slightly lower by 21 points in the morning, the Hong Kong stock market narrowed to only 10 points. The Hang Seng Index was 17206, but it was already a full-day high. Then it turned softer and continued to look for the bottom, and even lost the 17,000 mark. The decline further expanded to a low of 16869, with a maximum drop of 347 points, and hit a low of 13 years since May 2009. The Hang Seng Technology Index opened lower in the early stage and fell by only a slight drop of 13 points. The technology stocks were sold again, and the technology index also expanded to a low of 3261, down 137 points, setting a record low since its launch. Beishui also saw a small inflow, which was only 1 billion yuan, which seemed to be insufficient motivation and failed to reverse the decline.
In the morning, the Shanghai and Shenzhen stock markets stabilized slightly. After opening slightly higher in the early stage, the Shanghai Composite Index and Shenzhen Composite Index had reversed and fell backward. There is a strong ability to take over the low level, and then rebound and rise again after stabilization. In the end, the Shanghai Stock Exchange rose slightly and closed at 11 points. After the Shenzhen Stock Exchange rebounded, it expanded its growth rate and finally rose by 0.88%. GEM opened higher and then expanded its growth rate, rising by more than 1.65% to close near highs. According to domestic data, in August, the export of cars from the mainland exceeded 300,000 to 308,000, an increase of 65% over the previous year, and the first time it has exceeded 300,000 vehicles. In the first eight months of the year, 1.91 million vehicles were exported, an increase of 47.5% over the previous year, which is quite close to 2.015 million vehicles in 2021.
