Stock Track | SMIC Plummets 5% Intraday as BOCI Downgrade and Sector Weakness Weigh on Semiconductor Stock

Stock Track08-06 13:35

Semiconductor Manufacturing International Corporation (SMIC) shares plunged 5.00% during intraday trading on Thursday, as the stock faced heavy selling pressure amid a broader pullback in the semiconductor sector and a bearish analyst downgrade.

The sharp decline came after BOCI downgraded SMIC from "Buy" to "Hold" and slashed its target price from 98.6 HKD to 80 HKD. The brokerage cited relatively moderate expansion and pricing momentum compared to peers, along with a cautious profit margin trajectory due to yield challenges at the advanced N+3 node. BOCI also noted that ongoing capital expenditures and acquisitions continue to weigh on the company's balance sheet. The downgrade triggered a wave of selling, with the broader semiconductor sector also retreating after consecutive sessions of strong gains exceeding 5% driven by global semiconductor equipment cycle confirmation.

Adding to the negative sentiment, Hong Kong's technology sector faced broad-based weakness, with the Hang Seng Tech Index and most internet and tech stocks declining. The Philadelphia Semiconductor Index had given back gains overnight, contributing to the cautious tone for Hong Kong-listed chip stocks. SMIC is scheduled to report its second-quarter earnings on August 13, with consensus estimates projecting revenue of USD 2.816 billion, up 29.18% year-over-year.

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