Today, it’s a different story, as the Hang Seng Index drops 0.3%, while the Shanghai Composite Index edges down 0.1%.
Telecom giant China Mobile is lower by 0.4% after its 4.6% jump in the previous day, while smaller rival China Telecom is retreating 0.5%, but China Unicom is up 1.4%, continuing to outperform following a 6.4% climb yesterday.
Banks are weak across the board, with ICBC and Bank of Communications down 0.6% and 1.2%, respectively, after quarterly results.
ICBC’s net profit for the first quarter rose 6.6%, its slowest growth in the last five years. Bank of Communications had the slowest earnings growth among the “Big Five” state-owned banks, with its net income up 5.6% year-on-year.
The other top banks, though they have posted double-digit profit growth, aren’t seeing much buying interest either, as Bank of China declines 1.2%, China Construction Bank Corp. drops 0.6%, and Agricultural Bank of China is down 0.3%.
However, casino stocks are bouncing back after days of heavy losses. MGM China is rebounding 3.3% after its earnings climbed 26% in the first quarter. while Melco Crown Entertainment is advancing 2.8%, SJM Holdings is up 1.6%, and Galaxy Entertainment is rising 1%.