Stock Track | Geely Auto Plummets 5.06% Intraday Amid Sector-Wide Selling Pressure and Profit-Taking
Stock Track
Jul 09
Geely Auto's stock experienced a significant decline intraday, plummeting 5.06% as the automobile manufacturing sector faced broad-based selling pressure.
The pullback appears to be driven by sector-wide profit-taking following a strong recent rally. Multiple major peers in the sector declined in tandem, including BYD Company, XPeng, Li Auto, Leapmotor, and NIO.
This retreat comes in the context of recent strong performance by Geely Auto, which had surged over 5% in previous sessions fueled by record June overseas export data exceeding 100,000 units for the first time and multiple investment bank upgrades, including Citi adding the stock to its Pan-Asia Focus List with a HK$30 target price.
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