Hong Kong Market Midday Update: Hang Seng Index Rises 1.57%, Copper Stocks Lead Gains

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4 hours ago

Hong Kong's benchmark Hang Seng Index climbed 1.57%, adding 361 points to reach 23,416. The Hang Seng Tech Index also saw a robust increase of 2.02%. Morning session turnover amounted to HK$166.1 billion. Copper-related stocks were among the top performers, with market expectations for interest rate hikes significantly cooling. Analysts suggest a window for a rebound in copper stocks, previously oversold, is approaching. CHINFMINING (01258) surged 11%, while ZIJIN MINING (02899) jumped 9%. MMG (01208) advanced 6.5%.

Robotics concept stocks mostly strengthened, driven by accelerated capital market activity and the nearing of mass production milestones. ESTUN (02715) soared 21% on plans to acquire embodied intelligent robotics firm Estun Cuizhuo. LAIFUAL (03952) gained over 16%. ONEROBOTICS (06600) rose more than 11% after announcing further purchases of H-shares under an incentive plan and receiving a voluntary extension of the lock-up commitment from its board chairman. MEDBOT-B (02252) increased over 14% as its Toumai robot completed its 200th global commercial installation. TH MEDICAL-B (02697) climbed more than 7%, with the company focusing on percutaneous puncture surgical robots; analysts anticipate potential inclusion in Stock Connect by September. UBTECH ROBOTICS (09880) was up over 8% as orders for its You World U1 robot surpassed 10,000 units across all channels, signaling a potential second growth curve in the consumer sector.

Gold stocks traded higher across the board. With reduced probability of near-term Fed rate hikes, the gold market found an opportunity for a rebound. ZHAOJIN MINING (01818) increased 10%, and LINGBAO GOLD (03330) surged 15%. Innovation Industries (02788) gained over 10% amid ongoing supply uncertainties for aluminum from the Middle East, following the company's recent completion of an asset acquisition.

Laibang Pharmaceutical-B (09637) rose more than 13%, quickly recovering from a recent sell-off as the commercialization of AP301 nears. Venus Medtech-B (02500) spiked over 32% before the midday break after signing a term sheet for an investment deal with a third party, involving a total potential investment of up to 500 million yuan. COSCO SHIP ENGY (01138) added 5% as traffic through the Strait of Hormuz exceeded 10 million barrels per day, suggesting a potential sharp near-term rise in tanker freight rates. Conversely, POLY PROPERTY (00119) fell 4.9% following a profit warning, forecasting a net loss between 700 million and 800 million yuan for the first half, shifting from a profit in the same period last year.

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