Hong Kong Stocks Review: Afternoon Losses Widen, Hang Seng Index Falls 1.36%, ChiNext Index 5-Day Losing Streak, Automotive and Semiconductor Sectors Lead the Decline! Alibaba and JD.com Fall 3%, Ideal Automobile Loses Nearly 13%, Xiaomi Falls 1%
格隆汇7月30日｜Hong Kong Stocks three major indexes continued to decline in the afternoon, with the Hang Seng Technology Index once plummeting over 3.1%, ultimately closing down 2.72% and recording a 5-day losing streak, with noticeable adjustments made to the Hang Seng Index and Corporate Sector Index, both of which rose 1.36% and 1.18%, respectively.
On the market front, large-cap technology stocks as a whole fell sharply, with Alibaba Group and JD.com plummeting nearly 3%, Baidu falling 2%, Tencent and Xiaomi falling 1%. The automotive sector also saw significant losses in the afternoon, with Ideal Automobile plunging nearly 13% to take the lead. Other notable losers included BYD Auto (002594), XPeng Auto, and Geely Auto.
Meanwhile, the small-cap index H20 lifted restrictions on AI data center hosting companies, which had a positive impact on the sector but also affected local industry sentiment. The semiconductor chip sector struggled throughout the day, with industry leader SMIC International falling nearly 6%. Biotech stocks, which had been rising continuously, finally saw a correction, with innovative drug companies such as Yunji New Vision, Zai Ding Pharmaceutical, and Hei Li Pharmaceutical all experiencing losses. Concepts related to Tesla, Apple, military, gaming, aviation, and Chinese brokerages also fell sharply.
On the other hand, tensions in geopolitics led to a rebound in international oil prices back above $70 per barrel, which boosted oil stocks. China Petroleum (601857) rose nearly 4%, and Sinopec rose nearly 3%. Institutional investors are optimistic about the prospects for the baby formula sector, with three-child concept stocks rising again yesterday and leading the way. Other sectors such as coal, electricity, steel, and "anti-circulation" related industries were relatively active.