Hong Kong Stock Market Mid-Review | Hang Seng Index rose 0.49% in the morning session, gold stocks surged collectively
The Hong Kong Hang Seng Index rose 0.49% in the morning session, reporting 24,627 points, with a turnover of HKD 126.5 billion. Gold stocks rose collectively as U.S. non-farm data fell short of expectations, leading to a rebound in gold prices. LINGBAO GOLD rose 4%, CHIFENG GOLD rose 8.7%, and SD GOLD rose 8.8%. Chip stocks performed strongly, with Hua Hong Semiconductor rising 6.46%. Xinyi Glass and China Resources Medical fell over 3% and 15.8% respectively due to declining performance
According to Zhitong Finance APP, the Hong Kong Hang Seng Index rose 0.49%, up 119 points, closing at 24,627 points; the Hang Seng Tech Index rose 0.93%. The turnover of Hong Kong stocks in the morning session was HKD 126.5 billion.
Gold stocks rose collectively, as U.S. non-farm data fell short of expectations, leading to a violent rebound in gold prices. Institutions stated that interest rate cut trades support gold prices. LINGBAO GOLD (03330) rose 4%; CHIFENG GOLD (06693) rose 8.7%; SD GOLD (01787) rose 8.8%.
Lao Pu Gold (06181) rebounded 5.5%, with major institutions raising net profit forecasts after a positive profit alert. Morgan Stanley expects strong momentum to continue in the second half of the year.
Chip stocks led the gains, as H20 safety risks attracted regulatory attention, and the domestic production process of AI computing power chips is expected to accelerate. Huahong Semiconductor (01347) rose 6.46%; Shanghai Fudan (01385) rose 5.92%; SMIC (00981) rose 2.8%.
InnoCare Pharma (02577) rose over 12%, having reached a cooperation agreement with NVIDIA to jointly promote the large-scale implementation of 800 VDC (800-volt direct current) power architecture in AI data centers.
Zhaoke Ophthalmology-B (06622) rose over 7%, as Zhaoke Ophthalmology's Meifalun received orphan drug designation from the U.S. FDA.
Superstar Legend (06683) rose another 4%, as the company launched a collaboration plan with a hundred trendy artists and recently reached a strategic cooperation with Yushu Technology.
China Shipbuilding Defense (00317) rose 4.3%, as the profits of domestic shipbuilding companies in the first half of the year were validated, and the new ship order reserves of Huangpu Wenchong will support the company's profitability.
Xinyi Glass (00868) fell over 3% after earnings, as the average selling price of float glass products continued to decline, with mid-term net profit down 59.6% year-on-year.
China Resources Medical (01515) fell 15.8% after a profit warning, expecting mid-term profit attributable to shareholders to decline by about 20% to 25% year-on-year
