Crazy and volatile day in Chinese stocks.
Hong Kong indexes fell 9-13%. Mainland Chinese indexes rallied 5-17% after being shut for a week.
Both Mainland China & Hong Kong saw record turnover.
Full summary t.co/Gg1GTkmcZH pic.twitter.com/RWdRJ32MW1
— David Ingles (@DavidInglesTV) October 8, 2024
JUST IN 🚨: Hang Seng Index falls by 9.41%, its largest loss in 16 years and 2nd largest loss this century pic.twitter.com/2qg3AHAxkr
— Barchart (@Barchart) October 8, 2024
Many phones will start ringing in 2.5h t.co/Ilrs2PL0Rs pic.twitter.com/jVm2cncZ1a
— JustDario 🏊♂️ (@DarioCpx) October 8, 2024
🇨🇳🇭🇰HK-listed Chinese property developers are falling on Tuesday. Kaisa Group and Agile Group are tumbling over 30%. #SUNAC and China #Vanke are down 27%.#China #property #realesate t.co/sE9E4EUyWI pic.twitter.com/KGRQywxwF4
— CN Wire (@Sino_Market) October 8, 2024
U.S.-LISTED SHARES OF CHINESE FIRMS FALL PREMARKET AS CHINA STIMULUS-DRIVEN RALLY LOSES MOMENTUM
🔸 ALIBABA DOWN 8.9%
🔸 BILIBILI DOWN 17.2%
🔸 TENCENT MUSIC ENTERTAINMENT DOWN 11.9%
🔸 PDD HOLDINGS DOWN 12.2%
🔸 NETEASE DOWN 9.7%
🔸 BAIDU DOWN 10.1%
🔸 LI AUTO DOWN 11.7%
🔸 JD.…— *Walter Bloomberg (@DeItaone) October 8, 2024
Who is surprised right after Citi upgrades to buy? Always how it works.
LOL t.co/35XjvkC5ku
— Don Johnson (@DonMiami3) October 8, 2024
Hong Kong Crashes As China’s Stimulus Frenzy Ends With A Bang
There is some good news and some bad news for China bulls this morning (local time).
First the good news: since mainland China (aka A-shares) were closed for the past week, mainland Indexes such as the Shanghai Shenzhen CSI 300 are up – just barely – because after opening up almost 11% to catch up with the frenzied rally in offshore markets and ETFs, the index has erased almost all gains since it closed for trading on Sept 30.
For the real action, one has to go to neighboring Hong Kong, which was open while China was closed, and which proceeded to soar as much as 30% since the China stimulus bazooka was fired on Sept 23 (just two days after we said it would be). It’s also were the bad news is because one look at what the local Hang Seng China Enterprises Index is doing, and HK longs will want to throw up: as shown below, not only are HK stocks down as much as 11% after the open, but they have somehow managed to wipe out almost half the gains since the bazooka was launched in less than two hours!
www.zerohedge.com/markets/hong-kong-crashes-chinas-stimulus-frenzy-ends-bang