Hong Kong stocks rebound; Meituan drops over 5% on broker downgrade
Hong Kong stocks rebounded at midday on 9 November, with the Hang Seng Index up 49 points. Meituan fell over 5 per cent after an investment bank downgrade, while AI and chip stocks rose.
Hong Kong stocks rebounded in morning trade on 9 November, with the Hang Seng Index rising as much as 260 points in early trading before paring gains. The benchmark closed the morning session at 24,531 points, up 49 points or 0.2 per cent. Turnover on the main board amounted to more than HK$97.4 billion.
The technology index briefly rose nearly 2 per cent and also edged into negative territory, ending the morning at 4,081 points, up 2 points. Meituan dropped more than 5 per cent, the worst performer among Hang Seng Index and technology index constituents, after an investment bank downgraded its rating and target price.
Some pharmaceutical stocks recorded larger gains, with WuXi Biologics and WuXi Chemistry rising more than 3 per cent.
Artificial-intelligence concept and chip stocks rebounded. Zhipu and MINIMAX rose nearly 4 per cent, while Lenovo, SMIC and Hua Hong Semiconductor gained between more than 2 per cent and more than 3 per cent.
Heavyweight financial stocks held steady, while mainland Chinese property and domestic demand stocks fell. Longfor Group and Li Ning dropped nearly 3 per cent or more.