Hong Kong stocks fell more than 400 points in the afternoon, with heavyweight technology and financial stocks dragging down the market, while POP MART rose 4% against the trend

The Federal Reserve's interest rate cut of 25 basis points met expectations, and HSBC lowered the Hong Kong dollar's best lending rate by 12.5 basis points to 5.125%. The Hong Kong stock market was volatile this morning (18th), with the Hang Seng Index opening down 44 points, initially rising by 149 points to a high of 27,058 points, a four-year high, before turning back down, closing down 47 points at midday. In the afternoon, the Hong Kong stock market saw a further decline alongside A-shares, with the latest report at 26,506, down 401 points or about 1.4%, with a turnover of HKD 28.3081 billion.

Among the 88 constituent stocks of the Hang Seng Index, only 9 rose. POP MART (09992.HK) was last reported at HKD 265.8, rebounding 4.07%, making it the best-performing blue-chip stock, with a turnover of HKD 4.164 billion.

Huawei's self-developed 950PR chip is set to launch in the first quarter of next year, with the market anticipating a continued trend of domestic chip production. SMIC (00981.HK) reached a historical high of HKD 73.3, last reported at HKD 70, up 3.4%, with a turnover of 171 million shares, involving HKD 12.183 billion. Baidu-SW (09888.HK) and CSPC Pharmaceutical Group (01093.HK) each rose by about 1%.

Geely (00175.HK) was reported at HKD 18.77, down 4.96%, making it the worst-performing blue-chip stock, with a turnover of HKD 1.808 billion. Xinyi Solar (00968.HK) was last reported at HKD 3.41, down 4.75%, with a turnover of HKD 289 million. Alibaba Health (00241.HK) and China Overseas (00688.HK) each fell by over 3%.

Previously strong-weighted technology stocks dragged down the market, with Tencent (00700.HK) and Xiaomi-W (01810.HK) each falling by over 2% in the afternoon. Alibaba-W (09988.HK) and Kuaishou-W (01024.HK) each fell by 1.9%. WuXi AppTec (02269.HK) and WuXi AppTec (02359.HK) each fell by over 2%. Among domestic demand stocks, Sheng (00881.HK) fell by 3%, Li Auto-W (02015.HK), Anta (02020.HK), and Li Ning (02331.HK) each fell by over 2%.

Weighted financial stocks declined, with China Construction Bank (00939.HK), Hong Kong Exchanges and Clearing (00388.HK), and Ping An Insurance (02318.HK) each falling by over 2%, and AIA (01299.HK) down 1.7%