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Hong Kong Stocks Rise at Midday; AI-Driven Pharma and Tech Shares Lead Gains
Hong Kong equities advanced during the morning session, driven by a surge in technology and artificial intelligence-focused pharmaceutical companies. The benchmark Hang Seng Index gained 0.67%, or 164 points, to close the morning at 24,768, while the Hang Seng Tech Index climbed 1.74%.
Market Snapshot
Trading activity was robust, with morning session turnover reaching HK$107 billion, according to a report from Zhitong Finance APP. The gains were broad-based within the technology sector, but biotechnology firms stood out as the top performers, reacting to new government policy initiatives.
Sector Spotlight: AI and Biotech Surge
A rally in biopharmaceutical stocks was ignited after ten government departments jointly issued a draft of the "15th Five-Year Plan" for the medical industry, boosting investor sentiment. The plan has fueled optimism that the sector is poised for significant AI-driven innovation.
Key movers in the AI-pharma space included:
Ad- Xtalpi (02228): Gained over 12% after announcing a collaboration with Stanford University on AI-powered drug discovery.
- Insilico Medicine (03696): Rose more than 9%.
- Joinn Laboratories (06127): Climbed 9.7%.
Other technology-related stocks also saw strong buying interest. Lenovo Group (00992) was the top-performing blue-chip stock, rising over 7% after its CFO commented that the company's valuation was significantly underestimated. AI-related hardware and software firms like AccroClass Technology (09903) and Lightelligence (01879) also posted double-digit percentage gains.
Laggards and Other Movers
In contrast, gold mining stocks faced pressure amid concerns over potential interest rate hikes by the U.S. Federal Reserve. Shandong Gold (01787) fell over 2%, and Zhaojin Mining (01818) declined by 3%.
Among individual stocks, Jiankang160 (02656) continued its sharp decline, falling more than 10% to a new post-IPO low. The drop comes as a lock-up period for a major shareholder expired, with the stock having retreated over 95% from its peak in March.
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