Hang Seng Falls 61 Points; Meituan Tumbles 6.5%, Pharma Stocks Rally
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
The Hang Seng Index declined 64 points or 0.25% to close the morning session at 25,453, with turnover reaching approximately HK$126.7 billion . The tech-focused Hang Seng Tech Index fell 34 points or 0.75% to 4,559 . Heavyweight technology stocks showed divergent performance, with Meituan (ticker: 3690) tumbling 6.53% to become the worst-performing blue chip, while Alibaba (9988) rose 0.53% after co-founders purchased shares worth nearly HK$120 million .
Key Points
- Meituan (3690) Plunges 6.53%: Meituan is scheduled to release its earnings on Friday (March 28), but investors are already selling ahead of the announcement .
- Pharma Sector Rallies on Policy Support: WuXi Biologics (2269) surged 4.73% and WuXi Xianhe (2268) jumped 12.32% after the National Medical Products Administration held a bureau meeting pledging to support high-quality development of generic drugs .
- Kingboard Stocks Rally Post-Earnings: Kingboard Laminates (1888) climbed 9.74% to HK$38.52 after reporting first-half revenue of HK$14.904 billion, up 55% year-on-year, with net profit of HK$2.887 billion, a 209% increase .
- Gold Prices Pull Back: Spot gold retreated to around US$4,637 per ounce after approaching US$4,700, dragging down gold miners including Lingbao Gold (3330) down 7.77% and Shandong Gold (1787) down 5.23% .
- XPeng Tumbles on Weak Guidance: XPeng (9868) crashed 9.73% after reporting a Q2 net loss of RMB 13.4 billion and issuing Q3 guidance below market expectations .
Why It Matters
The divergent performance between tech giants and traditional materials companies reflects shifting market sentiment as investors rotate out of high-valuation new economy stocks into sectors benefiting from AI-driven demand . Meanwhile, northbound capital flows remained robust at HK$11.567 billion net buying on Tuesday, demonstrating continued mainland investor confidence in Hong Kong-listed companies despite broader market volatility .
The divergent performance between tech giants and traditional materials companies reflects shifting market sentiment as investors rotate out of high-valuation new economy stocks into sectors benefiting from AI-driven demand . Meanwhile, northbound capital flows remained robust at HK$11.567 billion net buying on Tuesday, demonstrating continued mainland investor confidence in Hong Kong-listed companies despite broader market volatility .