HK Stock Midday Review: Hang Seng Index Falls 0.18%, Paper Stocks and Solar Stocks Rise, Oil Stocks Dive!
Glon Union August 1st｜HK Stock midday session saw a slight fluctuation in the three major indexes, with a possible end to the downward trend. As of noon, the Hang Seng Index fell 0.18%, the National Enterprise Index dropped 0.01%, and the Hang Seng Technology Index decreased by 0.12%.
On the market, large-cap tech stocks were mostly up, with Meituan, Alibaba, Baidu, JD.com, and Xiaomi all rising by over 2%, while ByteDance fell by more than 2%. Internet companies like NetEase and Tencent maintained their upward trend. International spot gold prices rose above $3,290 per ounce, boosting gold stocks; meanwhile, paper stocks released their first anti-volatility appeal, prompting a surge in industry stocks such as Chenming Paper (000488) and Junqiang Paper Stock. Hong Kong's stablecoin license application window opened, with most concept stocks related to stablecoins rising. Solar energy stocks, telecommunications stocks, brain-computer interface concept stocks, traditional Chinese medicine stocks, and education stocks also saw some upward movement.
On the other hand, oil stocks fell sharply, with expectations of a 39.5%-43.7% year-on-year decline in net profit for the first half. China Petroleum & Chemical (601857) lost nearly 5%, while China Petroleum (601857) dropped over 2%. Stocks related to mainland securities firms, Hong Kong local consumption, infant concept stocks, coal stocks, education stocks, and insurance stocks all performed poorly. (Glon Union)