Hong Kong Stocks Morning Review: Major Indices Open Low, Tech Stocks Mostly Down, Innovative Pharmaceutical Continues to Thrive! 470 Billion Hong Kong Dollars Pipeline Cooperation Agreement Boosts Zhejiang Taiye Technology by 15%, Bright Food Group Falls
Glorium 8/6｜The three major indices in the US stock market fell overnight, with the Hang Seng Index falling 0.56%. The Hong Kong stock market has continued to fall for two days, with the Hang Seng Index opening low, down 0.15%, the FTSE ChiNext Index down 0.21%, and the Hang Seng Tech Index down 0.31%.
On the trading floor, large-cap tech stocks were mostly down, including Baidu, which fell over 1%. Alibaba, Xiaomi, Meituan, and NetEase all slid, while Tencent and JD.com rose slightly. Innovative pharmaceutical concept stocks continued to thrive, with Zhejiang Taiye Technology surging by 15% after completing a pipeline cooperation agreement worth approximately 470 billion Hong Kong dollars with DoveTree. Other pharmaceutical companies such as Glory, Kangfeng Biotechnology, Yuanda Pharmaceutical, and King's R Bio-Technology also rose.
On the other hand, the food service sector fell, with Bright Food Group plummeting by over 6%. Steel, automotive, telecommunications, and logistics stocks all fell.(Glorium)