Hong Kong Stock Market Review: Three Major Indices Rise, Tech Stocks Diverge, Biotech Stocks Lead!
Hong Kong stock market maintained yesterday's rebound trend, with net buying of over HK$2.22 billion! As of the close, the Hang Seng Index rose by 0.68%, the Hang Seng Enterprise Index rose by 0.65%, and the Hang Seng Technology Index rose by 0.73%.
On the trading floor, large-cap tech stocks diverged in their performances. Fast Hand rose nearly 3%, Tencent Holdings rose by 1.64%, and NetEase Inc. rose by 1.55%. Xiaomi Corp., Alibaba Group Holding Ltd., Baidu Inc., Meituan Ditanwick Corp. all remained green. Biotech stocks saw a new surge, with Junshi Biosciences closing up nearly 34% to make a stunning show; other biotech leaders such as Kanova, Fu Hong Han Liu, and Nuo Cheng also rose sharply. Papermaking industry leader started a new round of price hikes, paper stocks surged, and Morning Paper Co. rose by nearly 15% to set a new high.
On the other hand, the July sales report for new energy vehicles was released, and auto stocks saw varying performances. Companies like Weilai Motors, Li Rui Automobiles, and BYD Auto all performed poorly in the afternoon. Semi-conductor stocks fell sharply, with SMIC closing down nearly 1%. A few sectors such as lithium-ion battery stocks, education stocks, and oil stocks also saw some falls.(Global Finance)