HK stocks close 103 points lower

The Hang Seng Index dropped 103 points, or 0.52 percent, to close at 19,601, with a mainboard turnover of HK$119.26 billion. 

The China Enterprises Index lost 55 points, or 0.78 percent, to 7,034, while the Technology Index declined 54 points, or 1.24 percent, to 4,358.

Goldman Sachs lowered Kuaishou Technology’s (1024) target price by 6 percent to HK$63 while maintaining a “buy” rating, and HSBC cut its target price by 9.3 percent to HK$68. This followed Kuaishou’s announcement of a 24.4 percent year-on-year surge in third-quarter net profit to 3.9 billion yuan (HK$4.19 billion). Its shares, however, plunged 11.7 percent to close at HK$46.4, making it the worst performer among the Hang Seng Tech Index constituents.

Bitcoin hit a record high, driving gains in related concept stocks and exchange-traded funds. Boyaa Interactive (0434) surged 16.76 percent after its earnings release, OSL  (6031) rose 1.8 percent, and CSOP Bitcoin Futures ETF (3066) added 4.18 percent.

Automobile stocks mostly declined. XPeng (9868) fell 5.96 percent, Nio (9866) dropped 0.55 percent after its earnings release, and Li Auto (2015) slipped 1.55 percent. Geely Auto (0175) edged up 0.9 percent, while BYD (1211) dipped 0.23 percent.