Hong Kong Market Midday Update: Hang Seng Index Edges Up, Chip Stocks Lead Gains

Stock News06-24 12:09

The Hang Seng Index in Hong Kong saw a modest increase of 0.04%, adding 8 points to reach 23,344 points by the midday break.

The Hang Seng Tech Index performed more strongly, rising by 1.34%.

Morning session turnover in the Hong Kong market amounted to HK$1.756 trillion.

Chip-related stocks experienced broad-based gains following reports that Taiwan Semiconductor Manufacturing Company plans to raise prices for its advanced process foundry services across the board, with global wafer foundry revenue this year projected to increase by over 20%.

Shares of Hua Hong Grace (01347) surged 16%, while SMIC (00981) advanced by 8.4%.

Knowledge Atlas (02513) rose over 5% as its GLM-5.2 model is considered globally competitive, with analysts noting a significant victory in the reinforcement learning field.

Contract research organization (CRO) concept stocks showed notable strength, buoyed by industry conferences highlighting the global competitiveness of Chinese CXO firms and new breakthroughs in pharmaceutical sector openness.

Asymchem (06821) jumped 16%, and Genscript Bio (01548) gained 10%.

Printed circuit board (PCB) concept stocks generally rebounded, with KB Laminates (01888) climbing over 8%.

GOFINTECH QUANT (00290) rebounded more than 7%, with the company expecting attributable annual profit of approximately HK$540 million and continued progress in high-growth sectors.

CNBM (03323) increased over 3%, as price increases for fiberglass and electronic cloth are being smoothly passed through, and analysts point to the company's leading advantages.

COSCO SHIP ENGY (01138) rose over 5%, driven by a 60-day sanctions exemption allowing Iranian oil to return to the market, which has boosted freight rates across multiple oil shipping routes.

Newly listed MICOT PHARMA-B (02335) surged 89% in its morning session debut, with its core product MT1013 currently in Phase III clinical trials.

Another new listing, SEER TECH (06106), gained over 13% in early trading, being the global sales leader for its "robot brain" controllers.

Solar energy stocks extended their declines as the market watches for concrete signs of capacity rationalization, with institutions suggesting new photovoltaic installations may slow further this year.

FLAT GLASS (06865) fell 4.8%, and TRIUMPH NEW EN (01108) dropped 5%.

TOPSPORTS (06110) declined another 7.5% on reports that Nike will cancel online distributor authorizations starting in 2027, retaining only its official flagship store.

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