Hong Kong Stock Midday Review: Low Open High Close! Hang Seng Index Rises 0.49%, ChiNext Index Stops 7-Day Losing Streak, Gold Stocks Strong, Innovative Drug Concepts Fall Back! Xiaomi Group Rises 2.25%, Tencent Rises 1.8%, EnnoSci Rises Over 12%
On August 4, Hexun News reported that Hong Kong's three major stock indices opened low but closed high, with the Hang Seng Technology Index rising to a 0.93% gain and stopping its 7-day losing streak. The Hang Seng Index and the Enterprises Index both rose by 0.49% and 0.51%, respectively, and stopped their 4-day losing streaks, showing clear signs of a reversal.
On the trading floor, large-cap technology stocks generally rose, with fast hands rising by 3.5%, Xiaomi Group rising by 2.25%, Tencent rising by 1.8%, and NetEase rising over 1%. Baidu's stock price also rose sharply, while Alibaba, Meituan, and JD.com experienced slight declines. The expected rate cuts by the Federal Reserve have boosted gold's attractiveness, with Goldman Sachs raising its forecast of gold prices for the next 0-3 months to $3500.
On the other hand, Trump's request to lower drug prices led to a fall in biotechnology stocks that had previously risen sharply. Innovative drug concepts fell back, with Kang Fang Biological, Pharmaceutical Corporation, and Changsheng Pharmaceutical all declining. Automotive, steel, and oil stocks also generally fell.