The three major Hong Kong stock indices all declined collectively. As of the midday close, the Hang Seng Index fell 0.69% to 23,963.31, the Hang Seng Tech Index dropped 1.93%, and the State-owned Enterprises Index slipped 0.28%.
On the board, internet stocks broadly declined, with Lenovo Group dropping over 5%, while Kuaishou and Baidu each fell more than 2%.
The semiconductor sector led the declines, with Montage Technology dropping over 4%. On the news front, on October 8, Samsung Electronics released its latest earnings preview, forecasting third-quarter sales of 195.00 trillion Korean won, a year-on-year increase of 127%, versus a market estimate of 201.9 trillion Korean won. Third-quarter operating profit is projected at 107.40 trillion Korean won, up 783% year-on-year, compared to a market estimate of 108.67 trillion Korean won. Overall year-on-year growth was strong but fell short of expectations.
Gold stocks came under broad pressure, with Lingbao Gold declining over 3%. On the news front, the central rate of long-end US Treasury yields continued to rise, combined with a persistently strong US dollar, keeping the precious metals market volatile. The current 10-year US Treasury yield has risen to 5.31%, while the 30-year US Treasury yield has climbed further above 5.7%. Meanwhile, the September Federal Reserve meeting minutes took a hawkish tone, and although internal officials were divided on the rationale for rate hikes, they still expect further tightening before the end of the year.
Coal stocks bucked the trend and rose, with China Shenhua gaining nearly 4%. On the news front, after the National Day holiday, northern regions will gradually enter the winter stockpiling phase, and concentrated periodic procurement is expected to drive demand recovery, providing support for coal prices. Guotai Haitong Securities pointed out that the pace of winter stockpiling demand release is a key focus for the fourth quarter, and coal prices still have room for further upside. Additionally, coal inventories at Indian power plants have fallen to near five-year lows, with plants accounting for over 40% of the nation's coal-fired generating capacity holding reserves sufficient for only four days or less, sharply raising the risk of widespread blackouts. At the same time, monthly exports from Indonesia, the world's largest coal exporter, hit a five-year low. The contraction in overseas supply directly reinforced the support logic for international coal prices.