Hong Kong Stocks Mid-Day Review: Hang Seng Index Rises 0.52% Back to 25,000 Points, Semiconductors Lead, Biotech Lowers!
GLO Hong Kong, August 7th｜Hong Kong Stocks opened the morning session with a rebound in the three major indices, closing mid-day up 0.52% above 25,000 points, respectively, with the state-owned enterprise index and technology index rising 0.36% and 0.54%
On the market, large-cap tech stocks generally rose, with Alibaba up 2.4%, JD.com and Baidu up nearly 2%, Meituan up 1%, Xiaomi surprisingly down by over 4%; chip manufacturers unaffected by US tariffs, semiconductor stocks opened low but then rallied, led by Inotek up near 12%, and Semiconductor Manufacturing International Corporation (SMIC) up 3%.
On the other hand, the biotech sector, which had been on a continuous uptrend, collectively underperformed, with innovative pharmaceuticals plummeting, Nucynta, Kangheng Bio, and Tasly Pharmaceutical (300347) leading the decline. Military-industrial stocks, steel stocks, new consumer concepts, and robot concepts all fell. (GLO Hong Kong)