Hong Kong stocks mixed, A-shares closed higher, carmakers rallied, property developers led losses
Hong Kong stocks mixed, A-shares closed higher, carmakers rallied, property developers led losses

Hong Kong stocks mixed, A-shares closed higher, carmakers rallied, property developers led losses

 

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Hong Kong stocks closed mixed on Monday, with the benchmark Hang Seng Index edging up 0.05%, the Hang Seng China Enterprises Index down 0.13% and the Hang Seng Tech Index down 0.17%.

Technology heavyweights were mixed, with Meituan up more than 2%, Baidu up 1.4%, JD.com and Kuaishou up slightly, while Alibaba sliding nearly 4%.

Automakers led the gains throughout the day after the State Council said China will extend NEV purchase tax exemption, with Geely Auto and Great Wall Motor surging more than 10%, NIO surging more than 8%, Xpeng Motors up 6.7% and Li Auto up 6.3%. Read more …

Consumer stocks including catering companies, breweries also outperformed.

Mainland property developers and property management companies led the losses as latest data showed that major property developers see home sales decline in July amid mortgage boycott crisis. Read more …

Electric power companies, drugmakers and shipping companies were mostly lower.

In the A-shares closed higher, with the benchmark Shanghai Composite Index up 0.2% to 3,259, the Shenzhen Component Index up 1.2% and the tech-heavy Chinext Price Index surging 2.4%.

Airport operators, defence stocks, coal miners, automakers, auto parts suppliers, shipping companies, oil and gas companies led the gains, while road transportation companies, real estate developers and banks underperformed.