Hong Kong Stock Review: Rally and Correction, Hang Seng Index Down 0.37%, Media Stocks Lead!
Hexun Global August 18 | The three major Hong Kong stock indexes rallied and then corrected, with the Hang Seng Index ultimately closing down 0.37%, the Shanghai Stock Exchange Index dropping 0.06%, and the Hang Seng Technology Index rising, with intraday gains of up to 2.3%. Market sentiment turned cautious.
On the trading floor, large-cap tech stocks saw their afternoon gains narrow and some reverse, with JD.com rising 2.65%, Alibaba, Baidu, and Xiaomi seeing gains under 1%, while Kuaishou dropped 1.47%. Tencent and Meituan were in the red. The summer box office continued to surge, with top films' word-of-mouth driving a recovery in demand for movie-watching, media stocks performed strongly throughout the day, with Lemon Entertainment surging over 21% led by Mengmeng Film & TV, Jade Rabbit Entertainment rising nearly 15%, and Cat Eye Entertainment gaining nearly 6%. Internet healthcare stocks collectively rose, with Ping An Good Doctor and JD Health rising over 8%, and concept stocks in rare earths, military affairs, brain-computer interfaces, automobiles, and Apple saw active performances.
On the other hand, the property market's fundamental conditions continued to weaken, with many internal housing stocks dropping. The US announced an expansion of its tariffs on steel and aluminum imports from 25% to 50%, causing steel and copper stocks to fall, as well as coal, oil, semiconductor, and banking stocks to perform poorly. (Hexun Global)