Hong Kong Stock Midday: Hang Seng Index Falls 1.57% for 5th Consecutive Loss, Automobile Stocks and Semiconductor Stocks Plummet; PetroChina Soars!
Glon.com, July 30th｜Hong Kong Stock midday session saw all three major indices plummet, with the Hang Seng Technology Index falling relatively larger, closing down 1.57% and marking a 5-day losing streak, as well as the Hang Seng Index and the State-owned Enterprise Index both declining by 0.43%.
On the market, large-cap technology stocks mostly showed losses, with JD.com falling by 1.69%, Alibaba and Baidu both declining over 1%, Tencent and Xiaomi also showing declines, while Meituan rose by 0.6%; regional political tensions drove oil prices soaring, with oil-related stocks performing well, including PetroChina (601857) and Sinopec; internet healthcare stocks were strong, with Ping An Good Doctor surging 9% to a new high, refreshing its stage record, while institutions are optimistic about the demand improvement in the infant formula sector, which led to the rebound of the three-child concept stock yesterday.
On the other hand, automobile stocks plummeted sharply, with Ideal Automobile leading the charge, falling over 10% and dragging down the entire automotive sector; on the bright side, AI data center hosting companies benefited from the H20 deregulation, but this had a negative impact on local industries' market sentiment; semiconductor chip stocks performed poorly, with Apple concept stocks, military industry stocks, gaming stocks, and robotics concept stocks all falling.