The Hang Seng Index rose more than 3%, with chip and tech stocks performing strongly.
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Hong Kong Stocks Midday Review: Hang Seng Index Up 2.38%, Hang Seng Tech Index Up 4.34%
Mars Finance reports that at midday closing, the Hang Seng Index rose 2.38%, and the Hang Seng Tech Index rose 4.34%. The semiconductor sector surged, with Tianshu Zhixin up 11%, Huahong Grace up over 8%, and SMIC and Shanghai Fudan both up over 7%. (Cailian Press)
Hong Kong stocks opened higher, with the Hang Seng Index up 0.19%, and the artificial intelligence sector performing strongly.
According to ChainCatcher and Gate market data, the Hang Seng Index opened 0.19% higher in Hong Kong, while the Technology Index rose 0.42%. The artificial intelligence sector opened higher, with Lenovo Group (00992.HK) up 4.4% and Kingboard Laminates (01888.HK) up 4%. MOMENTA-W (06880.HK) opened 1.83% higher on its first day of trading.
The Hong Kong Hang Seng Tech Index closed up nearly 5%, with Alibaba surging 12%.
According to Mars Finance, the Hong Kong Hang Seng Index closed up 2.99%, and the Hang Seng Tech Index rose 4.97%. Heavyweight tech stocks led the gains, with Alibaba surging over 12%, Xiaomi Group rising over 9%, Baidu Group rising over 6%, and JD.com and Tencent Holdings both rising over 3%. AI big data model giants Zhipu and MiniMax also surged, with Zhipu rising over 13% and MiniMax rising nearly 12%. The semiconductor sector also rose, with Shanghai Fudan University up over 6%, and Huahong Grace and SMIC both rising over 3%. The lithium sector declined, with Tianqi Lithium falling over 8% and Ganfeng Lithium falling over 7%. (Cailian Press)
The Hong Kong Hang Seng Index closed up 702.57 points, or 2.99%.
According to Mars Finance, Gate data shows that the Hong Kong Hang Seng Index closed up 702.57 points, or 2.99%, at 24,199.46 on Wednesday, July 8th; the Hang Seng Tech Index closed up 223.98 points, or 4.97%, at 4,731.02; the H-share Index rose 313.96 points, or 4.04%, to 8,084.22; and the Red Chip Index gained 69.8 points, or 1.83%, to 3,874.93.
The STAR Market 50 Index rose more than 3%, with chip stocks strengthening again.
Mars Finance reports that the STAR Market 50 Index surged over 3%, led by semiconductor chip stocks, with SMIC, Cambricon, Hua Hong Semiconductor, and Shengmei Shanghai among those rising sharply. (Cailian Press)
South Korean stocks plunge 20%, nearing a bear market; the AI boom faces the awkward situation of "the more disastrous the earnings, the steeper the decline."
According to BlockBeats, on Wednesday afternoon, July 8th, South Korean stocks extended their losses as investors reassessed the outlook for AI demand. The KOSPI index fell by more than 6% at one point, breaking below 7200 points, and has cumulatively fallen by more than 20% from its all-time high last month, poised to enter technical bear market territory. Memory chip maker SK Hynix fell by as much as 5%, and Samsung Electronics fell by 6.9%. The Korea Exchange initiated a temporary trading halt on the KOSPI index, suspending algorithmic trading. South Korean stocks were among the strongest performing markets globally this year, but their performance is highly dependent on SK Hynix and Samsung Electronics, amplifying volatility when sector sentiment weakens. Even with Samsung Electronics announcing a 19-fold surge in quarterly profits earlier this week, chip stocks continued to be under pressure. Jordan Klein, a TMT sector expert at Mizuho Securities, stated that investors overreacted to Samsung's preliminary second-quarter results. He believes this sell-off in semiconductor stocks is more a sign of waning momentum than a deterioration in fundamentals. Klein stated that excluding one-off bonus expenses, Samsung's operating profit actually significantly exceeded expectations, with its storage business implied operating margin potentially exceeding 80%. He indicated that Samsung's single-quarter operating profit has already surpassed the total of the past three years, and reacting to Samsung's stock price based solely on preliminary results is "extremely short-sighted." Meanwhile, an AI trading rotation occurred in Asian markets. Hong Kong-listed Chinese stocks rose, with the Hang Seng China Enterprises Index rising as much as 3.4%, the Hang Seng Tech Index rising over 5% intraday, Alibaba rising over 8%, and Tencent rising over 3%. Market analysts believe that funds are flowing from crowded trades focused on AI infrastructure to markets with lower valuations and more value-oriented characteristics. Reuters' report on DeepSeek's self-developed chip and The Information's report on Zhipu AI considering designing its own AI chip further fueled this rotation. (Jinshi)