HK Stock Market Move | Some shipping stocks fell in the afternoon, with LC LOGISTICS (02490) dropping more than 10%. Major shipping companies followed suit and reduced current container quotes.

Some shipping stocks fell in the afternoon, as of the time of publication, LC LOGISTICS (02490) fell by 10.55% to HK$22.05; OOIL (00316) fell by 3.86% to HK$114.6; COSCO Shipping Holdings (01919) fell by 1.41% to HK$12.6. On the news front, following Maersk and Hapag-Lloyd's significant reduction in European spot rates last Thursday, MSC and ONE also followed suit last Friday by cutting rates for the next two weeks, with even larger price cuts. Nanhua Futures pointed out that the expected reduction in European spot rates by shipping companies may still impact futures prices, coupled with a slight decline in the European spot freight index, the possibility of future price fluctuations remains relatively high. Guotai Junan Futures also noted that historically, the peak of freight prices usually occurs in the first two weeks of January, followed by a seasonal adjustment in prices, which depends on the volume and dynamics between shipping companies.