© Reuters. Hong Kong stocks recover intraday losses: Hang Seng Index finally closed up 0.32%, pharmaceutical stocks rebounded, and mainland property stocks stabilized
Investing.com – On Wednesday (9th), the Hong Kong stock market opened lower and moved higher. Despite some twists and turns, the Hang Seng Index finally closed up, but the Hang Seng Technology Index closed slightly lower.
The turnover decreased. The turnover of the Hang Seng Index today was 85.039 billion, which was 104.620 billion in the previous trading day.
As of market close:
Up 0.32% to 19246.03 points; up 0.47% to 19,230.5 points; down 0.01% to 4373.71 points; up 0.39% to 6613.23 points.
On the board, pharmaceutical stocks rebounded. Analysts believe that despite short-term disturbances in law enforcement actions, the fundamentals of the industry are still improving. WuXi Biologics (HK:) rose 5.8%, GenScript Biotech (HK:) rose 2.8%, Pharmaron Chemicals (HK:) rose 7.3%, Tigermed (HK:) rose 9.9%, CanSino Bio- B (HK: ) jumped 15.5%.
Catering stocks rebounded, with Haidilao (HK:) up 2%, Jiumaojiu (HK:) up 5%, and Xiabuxiabu (HK:) up 6.3%.
Mainland real estate stocks stabilized, Country Garden (HK:) fell 1.8%, Longfor Group (HK:) rose 0.8%, Logan Group (HK:) rose 1.3%, Vanke (HK:) rose 1.4%, China Resources Land (HK: ) rose 1%.
Internet stocks rose moderately, with Tencent Holdings (HK:)(OTC:) up 0.72%. Alibaba (HK: )(NYSE: ) rose 1.13%. Meituan (HK: ) rose 0.57%. Kuaishou (HK: ) rose 3%.
New car-making forces fell, Weilai (HK:) (NYSE:) fell 2.56%, Xiaopeng Motors (HK:) (NYSE:) fell 3.63%, and Ideal Auto (HK:) (NASDAQ:) fell 5.52%.
CITIC Securities believes that Hong Kong stocks still have opportunities in the second half of the year. Analysts said, “Looking forward to August-September, we judge that the expectations of various policies to stabilize growth after the Politburo meeting will promote the gradual recovery of investor sentiment in Hong Kong stocks, while the expectation that the fundamentals of Hong Kong stocks are expected to be further repaired in the second half of the year The reporting season is also expected to be confirmed.”
In addition, CITIC Securities also mentioned that Hong Kong stocks are expected to rise by more than 10% after the end of the Fed’s interest rate hike cycle. The report reads, “Investors expect the Fed to have officially ended this round of interest rate hike cycle. Historically, after the end of the Fed’s six rounds of interest rate hike cycles since 1980, the average increase of the Hang Seng Index in the subsequent 50 trading days reached 12.2% %.”
[This article is from Yingwei Caiqing Investing.com, to read more, please log in to cn.investing.com or download Yingwei Caiqing App]
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Editor: Liu Chuan
2023-08-09 08:30:00
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