Hang Seng slips 0.4%; China Unicom profit drops 34.6% YoY
The Hang Seng Index edges down 0.4% to 25,372 as China’s regulator approves mainland insurance ETF access via Stock Connect; China Unicom falls ~10% after first-half net profit attributable to shareholders drops 34.6% to RMB9.5 billion.
The Hang Seng Index edged down 0.4%, or 96 points, to 25,372 on Wednesday, as investors remained cautious following a selloff in US technology shares, elevated bond yields, rising oil prices and renewed Middle East tensions.
Meanwhile, China’s financial regulator approved allowing mainland insurance funds to invest in Hong Kong-listed ETFs through Stock Connect, potentially providing an additional source of mainland institutional capital for Hong Kong equities.
On the corporate front, China Unicom is down around 10% after reported first-half net profit attributable to shareholders of RMB9.5 billion, down 34.6% year-on-year, while operating revenue rose 0.6% to RMB201.4 billion.
Tencent (-0.7%), SMIC (-1.4%), Lenovo (-1.2%), and Kingboard Laminates (-3.4%) led declines, while Xiaomi gained 4.4%.
Investors are also awaiting HKEX’s interim results announcement today, with the exchange’s shares among the stocks to watch.