Hong Kong Stocks: Sharp Rally! Hang Seng Index Up 1.88%, Tech and Finance Stocks Strong, Apple Concept Up!
Gelon Daily Report, August 13th | Hong Kong Stocks surged sharply in the morning session, with the Hang Seng Tech Index leading the charge, up 2.35% at midday. The Hang Seng Index and the State-owned Enterprise Index rose 1.88% and 1.86%, respectively, as market sentiment turned bullish.
On the market, large-cap tech stocks, finance stocks (insurance, banks, and brokerages), and weighted stocks such as Alibaba rose sharply, with Alibaba up 4.37%, Meituan, Tencent, and Baidu rising over 3%. Industrial and Commercial Bank of China, Ping An Insurance, and Agricultural Bank of China also saw significant gains. Biotech stocks continued to rise, with Konoia, Song Lijun Pharmaceutical, and Xinda Biotechnology leading the way. Apple concept stocks remained strong, buoyed by institutions' positive views on the company's growth prospects.
On the other hand, gaming stocks, papermaking stocks fell sharply, with Galaxy Entertainment plummeting 4%. Morning Paper Industry and Jilong Paper Industry also saw declines. Wind power, water conservancy, and vocational education stocks were mixed, with some falling. Additionally, around 30 individual stocks had losses of over 10%.