Hong Kong Stocks Midday: Three Major Indices Fall Over 1%, Mainland Banks Rise, Internet Healthcare Stocks Soar!
After a high opening and low closing yesterday, Hong Kong stocks fell over 1% in the morning trading. The Hang Seng Index plummeted by 1.19%, with losses exceeding 300 points. The Hang Seng Technology Index and the China Enterprises Index declined by 1.26% and 1.08%, respectively.
On the market, large-cap tech stocks generally slumped, with JD.com falling nearly 4%, Meituan plummeting over 3%, Alibaba falling 2.6%, and other tech giants such as Tencent, Xiaomi, and Baidu declining by more than 1%. However, Tencent's performance rebounded, achieving a two-day winning streak; Morgan Stanley predicted that the consumption loan subsidy policy will have limited impact on mainland banks' financials, which continued to decline and dragged down the market. Bank stocks such as Industrial and Commercial Bank of China (601398), Agricultural Bank of China (601288), and Bank of Communications (600036) fell by over 2% or more; some insurance stocks that performed well yesterday also saw a pullback, with People Insurance falling nearly 3%. Robot concept stocks, automotive stocks, gaming stocks, coal stocks, dairy products stocks, sports equipment stocks, and dining stocks all fell together.
On the other hand, mainland securities stocks rallied, led by Zhongzhou Securities' near-14% gain. Other notable gainers included CITIC Securities (600999) and internet healthcare stocks, which surged notably. Examples include DingDang Health's 26% rise, aviation stocks, Apple concept stocks, real estate stocks, and nonferrous metal stocks that bucked the trend.