China Stock Midday Review: Hong Kong Technology Index Rises 1.96%, Tech Stocks Up, Film and Auto Stocks Strong!
Glorion's August 18th | Hong Kong Stocks are up sharply in the morning session, with a rapid rise in market sentiment. The Hong Kong Technology Index surged 1.96% by midday, while the Hang Seng Index and state-owned enterprise index rose 0.62% and 1.01%, respectively.
On the market, large-cap tech stocks led the rally, with JD.com, NetEase, and Baidu surging more than 4%, while Alibaba Group's shares rose 1.6%. Meituan rose 1.4%, and Tencent soared. Automotive stocks also performed strongly, with Great Wall Motors (601633) leading the charge, rising 12.6%.
Meanwhile, film box office revenue continued to soar during the summer season, driving demand for entertainment stocks higher. Film-related stocks surged, with LeTV jumping 37.6%. OpenAI is set to enter the field of brain-computer interfaces, sparking a rally in concept stocks related to AI, healthcare, rare earths, vocational education, military-industrial complex, and solar energy.
On the other hand, US announced an expansion of steel and aluminum tariffs, leading to a decline in steel and copper-related stocks. Gold, coal, oil, real estate, and chip stocks also performed poorly. (Glorion)