Hong Kong Market falls 1.24%

Hong Kong share market finished in negative territory on Tuesday, 19 March 2024, as investors sentiments dampened amid disappointing corporate results and earnings guidance and on caution ahead of the US Federal Reserves interest rate decision, due tomorrow.

At closing bell, the benchmark Hang Seng Index declined by 207.64 points, or 1.24%, to 16,529.48. The Hang Seng China Enterprises Index sank 67.94 points, or 1.16%, to 5,780.21.

Among blue chips, Alibaba Group slipped 1.3% to HK$71.10 and food delivery platform Meituan retreated 1.3% to HK$89.20. Smartphone maker Xiaomi fell 0.5% to HK$14.86 and electric-car maker Xpeng tumbled 1.7% to HK$39.80. Li Auto slumped 8% to HK$127.90.

 

Among individual stocks, WuXi AppTech tumbled 7.5% after the drug developer issued a downbeat 2024 guidance, amid concerns about potential US sanctions. Its affiliated company WuXi Biologics slumped 5.7% to HK$13.92

Shares of electric vehicle manufacturer Li Auto (HKG:2015) plunged about 8% following media reports that sales of a new car - MEGA - failed to meet internal targets.

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