Hang Seng Falls Second Day; Meituan Drops 6.7%, WuXi Biologics Rallies 7.4%
SingTao · 1 SOURCESabout 1 hour ago2 MIN
Summary
Hong Kong equities retreated for the second straight session on Tuesday, with the Hang Seng Index settling at 25,511, down 6 points, as investors remained cautious amid escalating U.S.-Iran tensions and ahead of major corporate earnings. The benchmark index swung between gains and losses throughout the day, oscillating within a 273-point range, while turnover totalled HK$254.1 billion—continuing a 17-day streak below the HK$300 billion mark. Meituan emerged as the biggest drag on the market, plummeting 6.7% ahead of its scheduled earnings release on Friday, while WuXi Biologics defied the broader downturn with a 7.4% surge, driven by supportive pharmaceutical policies.
Key Points
- The Hang Seng Index opened 116 points higher at 25,634 but quickly reversed course, sliding as much as 113 points to 25,403 before partially recovering
- Meituan (3690) closed at HK$77.2, marking a 6.7% decline that made it the worst-performing blue chip; the company is slated to report earnings on Friday
- WuXi Biologics (2269) rose 7.4% to HK$52.2, becoming the top-performing blue chip, after the National Medical Products Administration announced supportive policies for the pharmaceutical sector
- Alibaba (9988) rebounded 1.5% to HK$114.2 following news that Chairman Joseph Tsai and CEO Eddie Wu purchased shares worth over HK$100 million together
- XPeng (9868) suffered the steepest decline among all Hang Seng and tech index constituents, falling 9.2% after reporting a 2.2-fold widening of adjusted losses in the second quarter
Why It Matters
The divergent performance between tech majors and electric vehicle manufacturers underscores deepening market selectivity, with investors rotating away from firms facing margin pressures toward defensive sectors like pharmaceuticals. The 17 consecutive days of sub-HK$300 billion turnover signals persistent caution ahead of the earnings season, which analysts say will provide clearer directional cues for the Hang Seng Index in the near term .
The divergent performance between tech majors and electric vehicle manufacturers underscores deepening market selectivity, with investors rotating away from firms facing margin pressures toward defensive sectors like pharmaceuticals. The 17 consecutive days of sub-HK$300 billion turnover signals persistent caution ahead of the earnings season, which analysts say will provide clearer directional cues for the Hang Seng Index in the near term .