Hong Kong shares trim losses, Hang Seng reclaims 24,000 after early slide
Hong Kong stocks ended the morning session lower but off their worst levels, with the Hang Seng Index closing 95 points down at 24,176 after briefly falling below 24,000. Tech and chip stocks led declines, while casino and some financial names gained.
Hong Kong shares finished the morning session in negative territory but staged a recovery from early lows, with the Hang Seng Index closing 95 points, or 0.39 per cent, lower at 24,176. The benchmark briefly fell to 23987 points, a drop of more than 280 points, before regaining the 24,000 level, according to exchange data. Turnover reached about HK$101.8 billion.
The technology index also recovered the 4,100-point mark, ending the morning at 4,105, down 1.54 per cent. Chip stocks came under pressure, with Tianshu Zhixin and Hua Hong Semiconductor falling between 3 per cent and 5 per cent.
Some biopharmaceutical stocks extended their recent declines. GenScript Biotech tumbled more than 12 per cent, while Sino Biopharmaceutical, WuXi AppTec and WuXi Biologics fell between 1 per cent and more than 4 per cent.
Casino stocks bucked the downtrend, with Galaxy Entertainment and Sands China both rising more than 2 per cent, making them the two best-performing Hang Seng Index constituents. Local property and rental stocks were largely steady.
Financial stocks were mixed. HSBC and Bank of China (Hong Kong) gained between 1 per cent and 2 per cent, while China Life fell nearly 2 per cent.