Hong Kong Stock Midday Review: Hang Seng Index Rises 0.19%, Apple Concept Stocks Perform Well, Gold Stocks Decline!
Grande News August 11th | The Hong Kong stock market opened higher today, with the initial small fluctuations before turning upward again. The Hang Seng Index rose by 0.19%, while the State-owned Enterprises Index and Technology Index both showed a narrow range of oscillations.
The market saw mixed performances from large-cap tech stocks, with Alibaba rising by 1.72%, Baidu and Xiaohongshu experiencing slight gains, Meituan declining by 1.5%, Tencent, Xiaomi, and JD.com closing in red; Apple soared over 13% last week, its best single-week performance since July 2020, driving up Apple concept stocks with Honten Precision surging nearly 10% to the forefront. Meanwhile, various major infrastructure projects have kicked off recently, leading to strong performances from building materials, cement, and high-speed rail construction stocks. The removal of purchase restrictions for five-ring outer districts in Beijing has also driven up real estate stocks.
On the other hand, global central banks' gold purchases have slowed down, with institutions citing a decrease in short-term gold price rise momentum, leading to declines across gold stock indices. Shandong Gold and Zhongjin Gold led the pack, while lottery stocks continued their five-day losing streak. Food and beverage stocks, as well as internet healthcare and brain-computer interface concept stocks, also fell.(Grande News)