Hang Seng Index fell 1.38% at midday, with property stocks weakening. The non-ferrous metals and automotive sectors remained active.
From the perspective of the market, large-cap technology stocks generally declined, while real estate and consumer stocks fell. Biopharmaceutical stocks, which led the gains yesterday, are undergoing adjustments, while the rare earth and other non-ferrous metal sectors continue to be active. Some lithium battery and domestic bank stocks have risen.
Hong Kong stocks opened low and fell throughout the morning session, with the Hang Seng Index and Hang Seng Tech Index both dropping more than 1%.
The Hang Seng Index opened 0.31% lower, while the Hang Seng Tech Index opened 0.25% lower. They subsequently fluctuated downward, with the Hang Seng Index falling 1.38% and the Hang Seng Tech Index falling 1.45% by midday.
On the market, large technology stocks generally declined, with NetEase and BIDU-SW falling more than 1%. Xiaomi, JD.com, MEITUAN-W, and Kuaishou all trended lower. Real estate stocks weakened, with R&F PROPERTIES falling more than 5% and SUNAC falling more than 4%. Biopharmaceutical stocks, which led the gains yesterday, entered a period of adjustment. Consumer stocks declined, with HELENS and JIUMAOJIU falling nearly 4%. Rare earth and other non-ferrous metal sectors, as well as the automotive sector, continued to be active, with some lithium battery and domestic bank stocks rising.
Technology and internet stocks decline
MEITUAN-W and JD.com fell more than 2%, while BIDU-SW, Tencent, and Alibaba fell more than 1%.
Real estate stocks weaken
R&F PROPERTIES fell more than 5%, SUNAC fell more than 4%, and Country Garden and Longfor Group followed suit.
Adjustment in catering and consumer stocks
HELENS and JIUMAOJIU fell nearly 4%, while Haidilao and Xiabu Xiabu fell more than 3%.
Rare earth and other non-ferrous metal stocks rise against the trend
Jinli Permanent Magnet rose more than 9%, CHINA RAREEARTH rose nearly 8%, Chalco International rose more than 5%, Aluminum Corporation of China rose more than 2%, and Luoyang Molybdenum rose nearly 2%.
On July 3, the Chinese Ministry of Commerce and the General Administration of Customs announced that export controls on gallium and germanium-related items will be implemented from August 1. It is reported that the Chinese Ministry of Commerce will meet with major producers of these two minerals on Thursday to discuss the details of the export controls.
Some automotive parts stocks continue to rise
Zhejiang Shibao rose nearly 13%, Nai Shi Te rose more than 3%, and RUIFENG POWER followed suit.
Biotech stocks generally pull back
Keeps fell more than 18%, BRII-B fell more than 5%, Kangfang Biotech fell more than 4%, and BeiGene fell more than 3%.
(Continuously updated)