Hang Seng Index Falls 163 Points, Loses 26,000; Tech Index Down 1.27%, Oil and Pharma Stocks Rise
Hong Kong stocks fell at midday, with the Hang Seng Index dropping 163 points, or 0.63%, to 25,773, after briefly touching 26,060. The tech index slid 1.27%. Oil and pharmaceutical stocks gained, while wireless group rose 4.4% on plans to build AI computing infrastructure with Gaw Capital. Turnover reached HK$115.838 billion.
The Hang Seng Index fell 163 points, or 0.63%, to 25,773 at midday. The index earlier rose 122 points to 26,060 before retreating and losing the 26,000-point level. The H-shares Index fell 52 points to 8,569, while the Hang Seng Tech Index dropped 62 points, or 1.27%, to 4,857. Half-day turnover reached HK$115.838 billion, with net northbound inflow of HK$1.799 billion.
Tech stocks were mixed. Alibaba rose 0.3% to HK$127.1; Tencent fell 2.2% to HK$471; Meituan slipped 0.2% to HK$93.75; Xiaomi dropped 2.5% to HK$26.94; JD. com declined 2.8% to HK$126.8; Baidu fell 2.2% to HK$104.9. HSBC Holdings eased 0.4% to HK$161.8; Geely Automobile dropped 3.6% to HK$18.33; BYD fell 2.5% to HK$90. On higher oil prices, CNOOC rose 3.8% to HK$24.28, and PetroChina gained 2% to HK$9.76.
Pharmaceutical stocks bucked the trend. Hansoh Pharmaceutical rose 4.7% to HK$36.18; BeiGene advanced 4.5% to HK$222.8; CSPC Pharmaceutical gained 3.2% to HK$8.9; WuXi AppTec rose 2% to HK$202; WuXi Biologics added 1.8% to HK$46.94. Wireless Group climbed 4.4% to HK$2.7, as the company plans to partner with Gaw Capital to build AI computing infrastructure.