HSI down for third straight month

Staff reporter and agencies

Hong Kong stocks plunged a total of 697 points or 3.9 percent in October, marking a third straight month of declines.

The Hang Seng Index was down 293 points to close at 17,112 points yesterday as official data showed that China's manufacturing activity unexpectedly lessened in October. The Hang Seng Tech Index fell by 2.5 percent, with Tencent (0700) down 2.1 percent.

HSBC (0005) fell 1.8 percent following weaker-than-expected earnings.

BYD (1211) dropped 3.6 percent and BYD Electronic International (0285) 10.2 percent following Tesla's overnight decline in the US market. This came as Berkshire Hathaway, the investment company owned by Warren Buffett, further reduced its stake in BYD. The company sold 820,500 shares for HK$201.73 million, lowering Berkshire's holdings in BYD from 8.05 percent to 7.98 percent.

Ganfeng Lithium (1772) slumped 12.2 percent after third-quarter profits free-fell 98 percent compared to a year ago.

Zhaojin Mining Industry (1818) fell 7.2 percent after it said it plans to acquire Australian gold explorer Tietto Minerals at a premium.

The World Gold Council said China's appetite for gold will stay strong through the rest of 2023, just as domestic prices for the safe haven soared to a record high amid the strongest investment demand in more than two years.

Marty Dropkin, head of equities for Asia-Pacific at Fidelity, said China's stock market could remain volatile but is still a good entry point for short-term investment.