Home » Hong Kong Stock Market Fluctuates: Hang Seng Index Drops 0.5%, MGM China Surges 7%

Hong Kong Stock Market Fluctuates: Hang Seng Index Drops 0.5%, MGM China Surges 7%

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Hong Kong Stock Market Fluctuates: Hang Seng Index Drops 0.5%, MGM China Surges 7%

Title: Hong Kong Stock Market Experiences Volatility: Hang Seng Index Drops by 0.5%, MGM China Surges 7%

Date: 3rd August 2023

By: Liu Chuan

On Thursday, the Hong Kong stock market witnessed significant fluctuations, with the Hang Seng Index experiencing both gains and losses throughout the afternoon. At the end of the trading session, the index closed down by 0.5%. In contrast, the Hang Seng Technology Index reached a high of 1.6%, before settling for a modest increase of 0.40%.

The turnover of the Hang Seng Index for the day amounted to 101.162 billion, with a net purchase of southbound funds totaling 3.421 billion yuan and a net inflow of 4.948 billion yuan.

The closing figures for the market were as follows: Hang Seng Index dropped by 0.49% to 19,420.87 points, Hang Seng China Enterprises Index fell by 0.44% to 19,441.0 points, Hang Seng Technology Index rose by 0.40% to 4,406.44 points, and Hang Seng Finance Index decreased by 0.26% to 6,652.16 points.

Gaming stocks exhibited overall positive performance, with Galaxy Entertainment, Sands China, Wynn Macau, SJM Holdings, MGM China, and Melco International Development experiencing gains of 1%, 1.4%, 2.8%, 4.9%, 7%, and 2.6% respectively. These increases were attributed to the announcement made by the Macau Gaming Inspection and Coordination Bureau, revealing that gaming revenue in July was 16.662 billion patacas, a year-on-year surge of 4082.9%, surpassing expectations. Moreover, it indicates recovery to the level of 68% compared to pre-pandemic levels in 2019.

Pharmaceutical stocks also witnessed a rebound, with WuXi Biologics, WuXi AppTec, GenScript Biotech, and Pharmaron experiencing gains of 3.4%, 5.3%, 4%, and 7.6% respectively.

Most mainland brokerage stocks showed positive movement, including China United Securities, which saw a remarkable surge of 16%. CICC, Huatai Securities, and CITIC Securities also experienced increases of 3%, 2%, and over 1% respectively.

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New energy auto stocks, such as Weilai, Xiaopeng Motors, and Ideal Automobile, registered gains of 7.7%, around 4%, and reached a record high of 5.3%, respectively. Ideal Automobile announced that the new Ideal L9 Pro is officially on the market with a national unified retail price of 429,800 yuan. Orders are now open, and deliveries will commence in August.

In contrast, most internet stocks experienced a decline, with Tencent Holdings and Meituan observing decreases of 0.3%, while Alibaba fell by 2%.

Budweiser Asia Pacific witnessed a considerable drop of 4% and hit a nine-month low, falling to 16.92 Hong Kong dollars during intraday trading. The company’s recent financial report showed a year-on-year decrease of 8% in the profit attributable to shareholders, amounting to US$575 million.

In summary, the Hong Kong stock market demonstrated volatility on Thursday, with certain sectors experiencing notable gains while others faced declines. Investors are closely monitoring the market as they await further developments.

[Note: This article is from Yingwei Caiqing Investing.com. For more information, please log in to cn.investing.com or download the Yingwei Caiqing App.]

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