HK Stock Market Move | Gambling stocks generally fell, with Melco International Development (00200) dropping over 3% as Citigroup lowered its October gambling revenue forecast.

The gambling stocks are generally on the decline. As of the time of writing, MELCO INT'L DEV (00200) fell by 3.21% to 4.53 Hong Kong dollars; PARADISE ENT (01180) fell by 2.56% to 0.76 Hong Kong dollars; Sands China (01928) fell by 1.65% to 17.93 Hong Kong dollars; WYNN MACAU (01128) fell by 1.56% to 6.3 Hong Kong dollars. In terms of news, a report from HSBC Global Research stated that the total gambling revenue (GGR) in the first 12 days of October in Macau was 9.65 billion Macau dollars, with an average daily income of 593 million Macau dollars in the second week of October. This represents an 8% decrease compared to the previous year and a 46% decrease compared to the previous week, slightly higher than the historical average decline of 39%. As the growth of total gambling revenue in Macau slows down, the bank believes that even with the low base factor in December supporting the growth of gambling revenue in the fourth quarter of this year, the short-term upside potential for gambling stocks is limited. Citigroup, based on the lackluster performance of gambling revenue last week, has lowered its October total gambling revenue estimate from 23 billion Macau dollars to 22 billion Macau dollars (approximately 83% of October 2019; an increase of 6% year on year).