Hong Kong, mainland China stocks extend losses to a second day ahead of US Federal Reserve rate decision
- BYD falls hard after reporting an 88.6 per cent year-on-year profit drop
- Standard Chartered rises 2.8 per cent after third quarter profit beats expectations
China and Hong Kong stocks extended losses to a second day, with Chinese electric car maker BYD falling hard on Wednesday after reporting its third-quarter profit fell 89 per cent and Standard Chartered jumping after its results beat estimates.
The Hang Seng Index fell 0.4 per cent to 26,667.71.
The Shanghai Composite slipped 0.5 per cent to 2,939, while the CSI 300 of large cap stocks traded in Shanghai and Shenzhen fell 0.5 per cent to 3,891.23.
BYD – China’s top electric car maker backed by legendary investor Warren Buffett – dropped 6.8 per cent to 43.96 yuan in China and 5.6 per cent to HK$37.40 in Hong Kong.
It posted an 88.6 per cent year-on-year net profit fall to 119.7 million yuan for the three months to September 30. It also forecast that net profit would fall 36.2 per cent to 43 per cent to between 1.58 billion yuan and 1.77 billion yuan for the whole of this year.