Hong Kong Stocks Open Higher: Hang Seng Up 0.53% at 25,805, Tech Index Up 0.85%, WuXi AppTec Up 3%, Alibaba Up

Hong Kong stocks opened higher on August 10, extending last Friday's gains. The Hang Seng Index opened up 137 points at 25,805, reclaiming the 250-day and 10-day moving averages at the open. The index's gain narrowed to 52 points during the session, dipping to a low of 25,720, before regaining momentum and rising to a high of 25,899, up 231 points. As of 10:27 a. m. , the Hang Seng Index stood at 25,830, up 162 points, or 0.63%. The Hang Seng China Enterprises Index rose 59 points, or 0.7%, to 8,591, while the Hang Seng Tech Index added 25 points, or 0.53%, to 4,883. Gold jewellery and pharmaceutical stocks outperformed. Laopu Gold extended gains to 10.9% at HK$390.2, while Chow Tai Fook rose 4.9% to HK$12.82, the best-performing blue chips. Pharmaceutical stocks broadly advanced. WuXi AppTec rose 3.8% to HK$199.6 after a US lawsuit was approved by a court. CSPC Pharmaceutical gained 3% to HK$8.95, Innovent Biologics added 2.9% to HK$97.6, Sino Biopharmaceutical rose 1.9% to HK$5.19, and WuXi Biologics climbed 2.7% to HK$47.12. Internet and tech stocks were steady. Alibaba rose 2.4% to HK$126.8, Tencent gained 0.1% to HK$479, Meituan added 0.5% to HK$92.65, Xiaomi rose 1% to HK$27.32, JD. com added 1.6% to HK$129.6, and Baidu rose 0.5% to HK$107.3. Mainland insurance stocks bucked the trend, with China Life falling 1.9% to HK$28.24, the worst-performing blue chip, and Ping An down 0.7% at HK$56.75. SMIC dropped 2% to HK$65.55, while HSBC rose 0.4% to HK$161.8.