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Recent research: Tariff threats and geopolitical conflicts will not have a significant impact on global Luxury Goods sales.
① The Bain report shows that global personal Luxury Goods sales are slowing down but have not collapsed, with sales expected to drop to 364 billion euros in 2024, a decline of 2% to 5% this year; ② The main reasons are threats of U.S. tariffs and geopolitical tensions, while the creative crisis of Luxury Goods brands and price increases have also affected consumer interest.
Hong Kong stock midday review | All three major indices fell, the Index dropped by 2.38%; Network Technology stocks weakened, JD.com declined nearly 4%; New consumption Concept stocks corrected, POP MART fell more than 5%.
Network Technology stocks generally fell, with JD-SW down 3.79% and Bilibili-W down 3.43%; biotechnology stocks weakened, with ZAI LAB down 6.96% and REMEGEN down 4.84%; most Digital Health stocks declined, with Dingdang Health down 10.34% and ALI HEALTH down 4.82%.
Did the surge in gold prices turn into a "poison"? Hong Kong stock jewelry stocks plummeted collectively, with LUK FOOK HOLD falling over 14% in the past three days.
Recently, international gold prices have been under significant market attention due to factors such as conflicts in the Middle East. However, while gold prices are rising, shares of gold jewelry companies are also declining. As of the time of writing, LUK FOOK HOLD has fallen over 5%, and CHOW TAI FOOK and CHOW SANG SANG have both dropped over 3%.
Market summary | All three major indices fell, with the tech index down 1.46%; energy and gold stocks rose against the trend, with Shandong Molong Petroleum Machinery up over 8% and TONGGUAN GOLD up over 7%.
Network Technology stocks weakened, with MEITUAN-W down 3.48% and Bilibili-W down 2.79%; real estate developer stocks declined, with CHINA RES LAND down 3.55% and LONGFOR GROUP down 3.03%; Digital Health stocks fell, with Dingdang Health down 3.33% and ALI HEALTH down 3.18%.
Hong Kong stocks fluctuated丨LUK FOOK HOLD dropped by 3.5%, anticipated profit for the fiscal year 2025 is expected to decrease by about 40% year-on-year.
On June 18, Gloster reported that LUK FOOK HOLD (0590.HK) fell 3.5% to HKD 19.88; the stock reached a high of HKD 22.35 during trading on Monday (June 16), achieving a new high in over two years since May 2023, with a cumulative increase of over 55% this year. LUK FOOK HOLD announced that it expects a decline of about 40% in annual profit for the fiscal year ending March 31, 2025, compared to the same period last year, mainly due to the widening losses from gold hedging caused by soaring gold prices, as well as the high base effect from one-time related earnings recorded last year due to the acquisition of 3DG HOLDINGS (International) Co., Ltd.
Luk Fook Shares Slide 2% on Profit Decline Forecast
