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29 September 2022: Stocks making the biggest moves

Market Movers | Trading Dashboard

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United States

Top Sector Gainers

SectorGainRelated News
Biotechnology+5.45%Biogen shares soar on landmark Alzheimer’s data, lift rivals
Biogen Inc (BIIB US)
Oil & Gas Production+4.85%Oil prices jump after U.S. crude, fuel stocks drop, dollar weakens

ConocoPhillips (COP US)
Home Improvement Chains+4.73%Home Depot Stock, Related Retailers Surge As Hurricane Ian Hits Florida

Home Depot Inc (HD US)

Top Sector Losers

SectorLossRelated News
Telecommunications Equipment-0.84%Apple Ditches iPhone Production Increase After Demand Falters

Apple Inc (AAPL US)
  • Biogen Inc (BIIB US) soared 39.9% following upbeat results from its experimental Alzheimer’s drug study and a slew of upgrades from analysts. Biogen and its Japanese partner Eisai said the drug reduced cognitive decline by 27% and slowed the progression of the disease.
  • Illumina Inc (ILMN US) climbed 7.7% after Evercore ISI upgraded the stock to outperform from in line, saying it’s bullish on Illumina’s new products as it comes out of a “multi year underperformance” period.
  • Netflix Inc (NFLX US) jumped 9.3% after Atlantic Equities upgraded the stock to overweight, saying Netflix’s lower-cost, ad-supported subscriber tier, which it plans to launch in coming months, could boost its share price by 26%.
  • DocuSign Inc (DOCU US) rose 5.1% after announcing Wednesday it would shed about 9% of its workforce as part of a restructuring. The company expects to incur costs of as much as $40 million as part of the plan.
  • Ocugen Inc (OCGN US) soared 11.5% after it came to a licensing agreement with Washington University in St. Louis to develop, commercialise and manufacture its intranasal Covid-19 vaccine.
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  • NIO Inc (NIO SP) fell 6.6% yesterday. World markets were whipped by fresh recession fears fuelled by central bank interest rate hikes to fight inflation, while traders are also worried about rising tensions between Russia and the West. China’s onshore yuan extended losses on Wednesday to end the domestic session at its lowest level against the dollar since the global financial crisis of 2008, while the offshore yuan hit a record low, pressured by expectations of more U.S. rate hikes. 
  • Capitaland Investment Ltd/Singapore (CLI SP) and Yangzijiang Financial Holding Ltd (YZJFH SP) slid 4.0% and 3.9% respectively yesterday. Singapore stocks continued on their downward trend on Wednesday (Sep 28), tracking Wall Street’s decline overnight, after the S&P 500 closed at its lowest level in almost 2 years. The Straits Times Index (STI) fell 1.6 per cent or 49.19 points to close at 3,116.31. Across the broader market, losers beat gainers 430 to 171, with 1.63 billion securities worth S$1.75 billion traded. Within the broader market, Yangzijiang Financial Holdings was hotly-traded, declining 3.9 per cent or S$0.02 to close at S$0.37, with 68.7 million shares worth S$25.9 million traded.
  • UMS Holdings Ltd (UMSH SP) and Frencken Group Ltd (FRKN SP) both dropped 3.8% yesterday. With past robust demand during the pandemic, the cyclical semiconductor industry is now in the grip of a deepening downturn as chip makers are increasingly concerned about the near-term possibility of a recession. These Singapore-based companies are struggling with the increase in electricity prices, tight labour markets and raised cost of hiring foreign workers. 

Hong Kong

Top Sector Losers

SectorLossRelated News
Telcomm. Services-3.80%US hacked sensitive China telecom networks

China Mobile Ltd (941 HK)
Environmental Energy Material-3.68%Hong Kong stocks extend losses as Alibaba, Tencent, HSBC retreat, currency slump adds to sell-off pressure

Xinyi Solar Holdings Ltd (968 HK)
Semiconductors-3.65%A standard working committee established to drive China’s auto chip industry

Semiconductor Manufacturing International Corp (981 HK)
  • Nine Dragons Paper Holdings Ltd (2689 HK) tumbled 13.1% yesterday. On 27 September, Nine Dragons Paper released its annual results for the year ended 30 June 2022. Revenue increased by approximately 4.8% to RMB 64.538 billion, while gross profit decreased by approximately 40.2% to RMB 6.992 billion. The net profit attributable to the parent company  was about 3.275 billion yuan, a year-on-year decrease of 53.9%. The company stressed that earnings during the reporting period faced severe pressure due to unfavourable factors such as the sharp rise in costs of papermaking raw materials, energy, chemicals and interest rate hikes. 
  • Country Garden Holdings Co Ltd (2007 HK) and Country Garden Services Holdings Co Ltd (6098 HK) fell 12.9% and 11.8% respectively yesterday. Investors dumped shares and bonds of Chinese property developers on Wednesday, after a media report that CIFI Holdings (Group) Co had defaulted, adding to worries over the crisis-stricken real estate sector. The share slump, which also came after CIFI’s chairman predicted “unprecedented” liquidity stress ahead, triggered savage sell-offs in the sector. An index tracking mainland developers listed in Hong Kong tumbled more than 5 per cent to record lows.
  • Xpeng Inc (9868 HK) and Great Wall Motor Co Ltd (2333 HK) slumped 9.7% and 9.4% yesterday. Hong Kong stocks tumbled more than 3 percent on Wednesday (Sep 28) as world markets were whipped by fresh recession fears fuelled by central bank interest rate hikes to fight inflation, while traders are also worried about rising tensions between Russia and the West. China’s yuan hit a record low against the surging US dollar in offshore trading on Wednesday, despite recent efforts by the country’s central bank to shore up the currency. The Chinese economy has been hammered in recent months by Covid-related curbs, extreme weather, and a property market slump.

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Trading Dashboard Update: Cut loss on Keppel Corp (KEP SP) at S$6.90, ComfortDelGro (CD SP) at S$1.33 and WH Group (288 HK) at HKD5.05.

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