Hong Kong stocks closed lower, shipping and auto firms led losses, mainland property developers rallied
Hong Kong stocks closed lower, shipping and auto firms led losses, mainland property developers rallied

Hong Kong stocks closed lower, shipping and auto firms led losses, mainland property developers rallied

 

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Hong Kong stocks closed lower on Monday, with the benchmark Hang Seng Index down 0.22%, the Hang Seng China Enterprises Index down 0.42% and the Hang Seng Tech Index sliding 1.4%.

Shipping companies and automakers leading the losses, with Nio sliding 6.4%, Xpeng down 6.3%, Li Auto down 5.95 and Great Wall Motor falling 3.95%.

Technology heavyweights are mostly lower, with Alibaba and Kuaishou down more than 2%, Tencent, Kuaishou, Baidu and Meituan closing lower. Dairy companies tumbled led by China Feihe slumping 13.3% after it forecast 33-43% drop in first-half profit. Electric power companies, pharmaceutical companies and lithium battery producers were also lower.

Mainland property developers and property management companies outperformed as market sentiments towards the sector improves after the government pledged to promote promote healthy development of the real estate market. CIFI Holdings surged 10.3%, Powerlong up 7.3%, Longfor Group up 6.8%, R&F Properties up 5.7% and Greentown China up nearly 5%.

Mainland banks, insurance companies, catering companies, breweries and education firms were mostly higher.