Hong Kong stocks extended gains as of 10:39 AM, with the Hang Seng Index rising 277 points or 1.14% to 24,618 after reaching an intraday high of 24,698. The rally followed US inflation data showing faster-than-expected cooling, which eased Federal Reserve rate hike pressures and supported US equities overnight, while mainland China's announcement of 4.7% year-on-year GDP growth in the first half further boosted sentiment. The index had gained 127 points in the previous session before continuing its upward trajectory.
Hang Seng Index Climbs 277 Points Intraday on GDP Data Release
The Hang Seng Index opened 210 points higher at 24,551 and briefly retreated to an intraday low of 24,449 before mainland China released first-half GDP figures. Following the 4.7% year-on-year growth announcement, buying intensified and pushed the index to a session high of 24,698, representing a 357-point gain. The Hang Seng China Enterprises Index rose 65 points or 0.81% to 8,169, while the Hang Seng Tech Index gained 50 points or 1.08% to 4,729 as of the 10:39 AM snapshot.
Biotech and Pharma Stocks Lead Sector Gains
Biotechnology and pharmaceutical stocks posted the strongest advances. Innovent Biologics (01801) surged 8.6% to HK$97.8, while WuXi AppTec (02359) climbed 5.7% to HK$167.1. WuXi Biologics (02269) gained 3.5% to HK$39.54, CSPC Pharmaceutical Group (01093) rose 4.8% to HK$8.5, and Sino Biopharmaceutical (01177) increased 4.3% to HK$5.33. Hansoh Pharmaceutical (03692) advanced 4.5% to HK$34.02 following news that its subsidiary Avere merged into Nasdaq-listed NextCure (NXTC), making it the sixth-best performing blue-chip stock in the session.
Tech Stocks Show Mixed Performance
Technology stocks displayed divergent movements. Tencent (00700) rose 2.4% to HK$467.2 and Alibaba (09988) gained 1.4% to HK$112.4. Meituan (03690) declined 1.3% to HK$78.2, while Baidu (09888)—which had dropped over 7% in the previous session and faced target price cuts from UBS and Morgan Stanley—rebounded 0.9% to HK$107. Xiaomi (01810) fell 2.2% to HK$25.46, and NetEase (09999) increased 2.1% to HK$206.
China Life Insurance Reverses Early Gains
China Life Insurance (02628) initially jumped 5.5% to HK$30.2 after announcing expected first-half net profit growth exceeding 210%, but subsequently reversed course to trade 3.2% lower at HK$27.7, making it the worst-performing blue-chip stock as of the market snapshot.
FAQ
What caused Hong Kong stocks to rise on this trading day?
The Hang Seng Index gained 277 points or 1.14% to 24,618 as of 10:39 AM, driven by US inflation data showing faster-than-expected cooling and mainland China's announcement of 4.7% year-on-year GDP growth in the first half.
Which sectors led the Hong Kong stock market gains?
Biotechnology and pharmaceutical stocks posted the strongest performance, with Innovent Biologics rising 8.6%, WuXi AppTec climbing 5.7%, and Hansoh Pharmaceutical advancing 4.5% following its subsidiary's merger announcement with NextCure.
