Hong Kong stocks close slightly lower; Meituan jumps 6.6 per cent
Hong Kong shares edged down on Wednesday, with the Hang Seng Index dipping 0.13 per cent, despite gains in tech stocks. Meituan led blue chips with a 6.6 per cent rise, while biopharmaceutical firms dragged the market.
Hong Kong stocks closed slightly lower on Wednesday, even as major technology shares rebounded. The benchmark Hang Seng Index slipped 31 points, or 0.13 per cent, to 24,314 points, with turnover reaching HK$193.4 billion.
The Hang Seng Tech Index rose 0.91 per cent to 4,174 points. Meituan (3690) posted the biggest gain among blue chips, jumping 6.6 per cent, followed by Xiaomi (1810), which advanced 5.4 per cent. Alibaba (9988) climbed 3 per cent, while Tencent (0700) fell 0.4 per cent.
Oil majors outperformed the broader market amid rising energy prices. CNOOC (0883) and PetroChina (0386) gained 1.8 per cent and 1.3 per cent, respectively.
In contrast, biopharmaceutical stocks weighed on the index. Innovent Biologics (1801) dropped 4 per cent, the worst performer among Hang Seng Index constituents. Sino Biopharmaceutical (1177), Hansoh Pharmaceutical (3692), and Wuxi Biologics (2269) declined 3.5 per cent, 3 per cent, and 2.95 per cent, respectively.
Semiconductor firms also fell, with Hua Hong Grace Semiconductor (1347) and Semiconductor Manufacturing International Corporation (0981) dropping over 2 per cent each for a third consecutive session.
On the mainland, the Shanghai Composite Index slipped 0.88 per cent to 3,767 points, while the Shenzhen Component Index dropped 1.97 per cent to 12,110 points.