The Hang Seng Index fell 0.7% at midday, while the Hang Seng Tech Index dropped 2.08%, weighed down by weak sentiment in growth stocks. Oil and gas stocks surged, with Shandong Molong (002490) skyrocketing over 70% and Sinopec Oil Service (600871) jumping 28%, likely driven by rising crude prices. Gold stocks also outperformed, with Chifeng Gold (600988) climbing 10% amid safe-haven demand.
However, tech and EV sectors struggled, with Xiaopeng Motors and Horizon Robotics both sliding over 5%, reflecting broader risk-off sentiment. The divergence between energy/gold stocks and tech highlights shifting market focus amid global economic uncertainty.
Traders will watch for afternoon momentum, particularly whether the Hang Seng Index stabilizes near key support levels or extends losses. Energy and gold stocks may remain in focus if commodity trends persist.
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