November 13, 2024 at 03:46 am EST
(MT Newswires) -- Hong Kong stocks closed mixed on Wednesday on looming tariff threats from the United States, downgraded forecasts from global investment firms, and a less-than-encouraging stimulus package from Beijing.
The Hang Seng Index fell by 0.12%, or 23.43 points, to close Wednesday's session at 19,823.45. The Hang Seng China Enterprises Index rose marginally by 0.05%, or 3.79 points, to close at 7,130.93.
On Wednesday, Beijing trimmed the daily reference rate for the renminbi to its lowest level in 14 months as the economy faces pressure over external factors, including Trump's win.
UBS Global Wealth Management downgraded its forecast for Chinese stocks amid the possibility of higher US tariffs and underwhelming stimulus.
The bank cut the mid-2025 target for the MSCI China Index to 67 from 76 and its end-2025 estimate to 74 from 79, the South China Morning Post reported.
Meanwhile, China's new energy vehicle sales reached 1.4 million units in October, jumping nearly 50% year on year, according to data from the China Association of Automobile Manufacturers or CAAM on Friday.
In a Monday release, S&P Global Ratings said Hong Kong's strained property prices may stabilize in 2025 following a significant downturn, and home prices could level off after plummeting nearly 30% since their peak in 2021.
In corporate news, TOT Biopharm International (HKG:1875) reported a net profit attributable to the equity holders of 35.4 million yuan for the nine months ended Sept. 30, compared with a loss of 32.4 million yuan in the corresponding period of the previous year. The company's shares however closed nearly 6% lower on Wednesday.
K Cash (HKG:2483) obtained a syndicated loan with a facility amounting to HK$550 million and plans to use it for general corporate purposes and to refinance the existing financial indebtedness of the group. However, the shares of the company closed nearly 3% lower on Wednesday.
Ascletis Pharma (HKG:1672) said it completed the enrollment of participants in its oral acne medication Phase III clinical trials of ASC40 with a total of 480 participants with moderate to severe acne enrolled for once-a-day treatment. The company shares still closed over 2% lower on Wednesday.
Sumber : MT Newswires
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