Hong Kong Stock Morning Review: Three Major Indices Rise, Paper Industry and Steel Stocks Lead the Charge, Innovative Pharmaceuticals Active!
Glorium Finance, August 5th｜Hong Kong stocks continued their upward trend this morning, with the Hang Seng Index closing up 0.27%, the State-owned Enterprise Index rising 0.19%, and the Hang Seng Technology Index up 0.33%. The market's bullish sentiment remained strong.
On the market, major technology stocks performed differently, with Netease rising 1.17%, Tencent and Xiaomi experiencing slight gains, while JD.com, Baidu, Meituan, and Alibaba fell. The paper industry leader launched a new price hike wave, and paper stocks rose noticeably, with Morning Paper Co. surging 7.4% to set a new stage high. Steel stocks also showed unusual gains, led by Maanshan Iron & Steel's 9.6% surge. Anhui Iron & Steel and Chongqing Iron & Steel followed suit. The National Healthcare Security Administration has issued the "Newly Listed Pharmaceutical Products' Initial Pricing Mechanism", which may propel China's innovative pharmaceuticals into a new pricing era. Biopharmaceutical stocks are once again active, with Song Hei Pharmaceutical rising over 11%, along with Yashida Biological, Sinodin Biological, and Hengrui Medical.
On the other hand, some automobile stocks declined, with Li Auto falling nearly 7%, while NIO and BYD shares also fell. Battery stocks, medical concept stocks, education stocks, and tobacco concept stocks mostly dropped as well.