Hong Kong stocks fell in morning trading on the last trading day of June, with the Hang Seng Index dropping 273 points or 1.19% to close the morning session at 22,752 points, falling below the 23,000 level. The index opened 18 points lower at 23,007 and briefly rose 60 points to 23,086 before selling pressure reversed gains, pushing the index down as much as 341 points to an intraday low of 22,685. The decline followed a rebound in the previous session, as Asian-Pacific markets showed mixed performance amid overnight gains in U.S. stocks where the Dow Jones broke above 52,000 for the first time.
Hang Seng Index Declines 273 Points in Morning Session
The Hang Seng Index fell 273 points or 1.19% to 22,752 points in the morning session. The Hang Seng China Enterprises Index dropped 98 points or 1.29% to 7,507 points, while the Hang Seng Tech Index rose 61 points or 1.4% to 4,454 points. Half-day turnover reached HK$139.896 billion, with northbound capital recording a net inflow of HK$5.808 billion. Among 93 blue-chip constituents, 79 declined.
Chip Stocks Rally Led by SMIC and Baidu
Chip stocks outperformed the broader market. SMIC (00981) rose 7.6% to HK$91.25, marking the best-performing blue chip in the morning session. Baidu (09888) gained 4.1% to HK$108.6 following market reports that its chip unit Kunlun plans a Hong Kong listing. Hua Hong Semiconductor (01347) climbed 5.4% to HK$215.2, and ASMPT (00522) surged 10.9% to HK$240.6.
Four New IPOs Debut with Mixed Results
Four new stocks began trading. Zhen Health Medical (02697), a mainland percutaneous surgical robot manufacturer, tripled to HK$375.2. Sturgeon Dragon Technology (06715), the world's largest caviar producer, jumped 44.5% to HK$109.1. Laifual Harmonic (03952), a precision transmission component supplier, rose 12.2% to HK$95.9. Jiangxi Biologicals (06915), China's largest human tetanus antitoxin provider and exporter, fell 9.8% to HK$10.1.
Oil and Banking Stocks Face Selling Pressure
Oil stocks declined significantly. PetroChina (00857) dropped 4.7% to HK$8.38, and CNOOC (00883) fell 4.3% to HK$20.18. Banking stocks also weakened, with ICBC (01398) down 3.9% to HK$6.36, Bank of China (03988) down 2.2% to HK$4.98, and China Construction Bank (00939) down 3% to HK$7.99. Property stocks Henderson Land (00012) declined 2.4% to HK$24.88, and Sun Hung Kai Properties (00016) fell 1.7% to HK$111.9.
Technology stocks showed mixed performance. Trip.com (09961) dropped 4.3% to HK$309.4, while NetEase (09999) gained 1.6% to HK$202.6. Meituan (03690) rose 0.4% to HK$67.95, JD.com (09618) fell 0.6% to HK$98.45, Tencent (00700) edged up 0.1% to HK$420.6, Alibaba (09988) declined 0.7% to HK$92.35, and Xiaomi (01810) dropped 1.5% to HK$21.54. Nongfu Spring (09633) fell 8% to HK$39.8, marking the worst-performing blue chip, while Chow Tai Fook Jewellery (06181) declined 5.6% to HK$345.4. HSBC (00005) slipped 0.5% to HK$146.8.
FAQ
What happened to the Hang Seng Index on the last trading day of June?
The Hang Seng Index fell 273 points or 1.19% to 22,752 points in the morning session on the last trading day of June, dropping below the 23,000 level after briefly rising 60 points at the open.
Why did chip stocks rally while the broader Hong Kong market declined?
Chip stocks rallied following market reports that Baidu's chip unit Kunlun plans a Hong Kong listing. SMIC rose 7.6% to become the best-performing blue chip, while Baidu gained 4.1% and ASMPT surged 10.9%.
How did the four new IPOs perform on their first trading day?
Three of the four new IPOs gained on debut: Zhen Health Medical tripled to HK$375.2, Sturgeon Dragon Technology jumped 44.5% to HK$109.1, and Laifual Harmonic rose 12.2% to HK$95.9. Jiangxi Biologicals fell 9.8% to HK$10.1.
