Hang Seng Index narrowed its decline to 0.02%. Pharmaceutical stocks fell across the board, while property stocks declined and major financial stocks experienced a pullback.
Technology stocks mostly fell, with Li Auto up 2.4%, JD-SWR, Alibaba, and XIAOMI-W slightly up, HUA HONG SEMI down over 7%, BILIBILI-W down over 2%, TENCENT, KUAISHOU-WR, and Weibo down over 1%.
On August 7th, the Hong Kong stock market opened lower, with the Hang Seng Index down 0.33%, the Hang Seng China Enterprises Index down 0.4%, and the Hang Seng Technology Index down 0.85%. After the opening, the three major indexes hit bottom and rebounded. As of the midday break, the Hang Seng Index was slightly down 0.02%, the Hang Seng China Enterprises Index was down about 0.08%, and the Hang Seng Technology Index was down about 0.26%.
In terms of market performance, oil, power, coal, and telecommunications were among the top gainers, while biopharmaceuticals, steel, insurance, and real estate weakened.
Most technology stocks fell, with Ideal Car up 2.4%, JD.com, Alibaba, and Xiaomi up slightly, HUA HONG SEMI down more than 7%, Bilibili down more than 2%, and Tencent, Kuaishou, and Weibo down more than 1%.
Old energy leads the gains
Yanzhou Coal Mining, CNOOC, and PetroChina were up more than 3%, Sinopec, CHINA LNG, CHINA SHENHUA, CHINA COAL, and others were up more than 1%.
Power hits bottom and rises
HPI was up nearly 3%, HDPI and CHINA POWER were up more than 1%.
Telecommunications active
Hutchison Telecommunications led the gains, with China Mobile and China Unicom rising, and China Telecom slightly down.
Biopharmaceuticals lead the declines
Luzhou Pharmaceutical, China Traditional Chinese Medicine, and Hehuang Pharmaceutical were down more than 11%, while Tasly Pharmaceutical, Kangfang Biotech, and Novartis Sinochem were among the top decliners.
Financial Giants Decline
New China Life Insurance, Haitong International, and China Pacific Insurance dropped more than 4%, with China Taiping Insurance, Guotai Junan International, China Life Insurance, and CITIC Securities leading the decline.
Real Estate Stocks Fall
China New Town Development, E-House China Holdings, and Agile Group Holdings fell more than 10%, while Shimao Property Holdings dropped over 9%. Country Garden Holdings declined nearly 7%, and Longfor Group and Greentown China Holdings both fell more than 5%.
