Hang Seng Index rises 1.4% for fourth straight gain, upside capped by China GDP miss

Macro
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Summary · why it matters

The Hang Seng Index climbed 340.37 points, or 1.4%, to 24,681.10 on the Hong Kong market on the 15th, marking a fourth consecutive advance. Easing expectations for US rate hikes provided support, as the probability of a rate increase at this month's FOMC meeting plunged to around 10% following slower growth in the June US consumer price index, also alleviating concerns over rising domestic interest rates in Hong Kong. However, gains were capped after China's April-to-June GDP growth came in at 4.3% during trading hours, missing the forecast of 4.5% and decelerating from 5.0% in the previous quarter. Among Hang Seng Index constituents, pharmaceutical stocks rose, with Innovent Biologics up 7.8% and WuXi AppTec up 4.4%, while Hong Kong property and AI-related shares also attracted buying. On the other hand, resource stocks fell, with Lingbao Gold Group down 5.5% and Chifeng Jilong Gold Mining down 5.1%.

Impact on stocks 3

Biotech & Genomic Medicine▲ · 1 stocks
Innovent Biologics Inc
1801
▲ PositiveDemandrelevance

Pharmaceutical stocks rose, with Innovent Biologics up 7.8%, amid sector-wide buying.

Critical Materials & Supply Chain▼ · 1 stocks
Lingbao Gold Co Ltd
3330
▼ NegativeDemandrelevance

Resource stocks fell, with Lingbao Gold Group down 5.5%, amid sector-wide selling.

Others▲ · 1 stocks
WuXi AppTec Co Ltd
603259
▲ PositiveDemandrelevance

Pharmaceutical stocks rose, with WuXi AppTec up 4.4%, amid sector-wide buying.

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