Hong Kong Stocks: Hang Seng Index Rebounds by 137 Points; WuXi AppTec Soars, Zhipu AI Rises Over 14%, AIA Bounces Back

Overnight (6th), the three major U.S. equity indices declined, with the Dow Jones Industrial Average ending its five-day winning streak, falling 464 points, or 0.9%. The S&P 500 and Nasdaq Composite Index dropped 0.2% and 0.1%, respectively. This morning (7th), the Hang Seng Index opened down 3 points before reversing into positive territory, closing at 25,668 points, up 137 points or 0.54%, with total trading turnover reaching HK$259.686 billion. The Hang Seng China Enterprises Index closed at 8,531 points, up 32 points or 0.39%. The Hang Seng Tech Index closed at 4,858 points, up 37 points or 0.78%. Pharmaceutical and biotechnology stocks outperformed, led by the Wuxi group, with Wuxi Bio (02269

AASTOCKSAug 7 16:40

Commodities: Oil prices rose as concerns over supply disruptions intensified following Iran's proposal of a plan related to the Strait of Hormuz.

Oil prices rose on Friday (7th) amid market concerns over potential supply disruptions following Iran's release of a draft plan imposing restrictions on the Strait of Hormuz. Brent crude futures for October delivery, the international benchmark, climbed 1.22% to $83.50 per barrel. West Texas Intermediate (WTI) crude for September delivery gained 1.11%, settling at $78.15 per barrel. In a report, Westpac stated that the rise in oil prices indicates that additional inflationary pressures stemming from energy markets and Middle East geopolitical tensions cannot be ignored, contributing to a stronger U.S. dollar and lower government bond prices. According to the draft plan released by Iran, the country will prohibit vessels from the United States and Israel from passing through the Strait of Hormuz.

AASTOCKSAug 7 09:25

Hong Kong Market Midday Report | Hang Seng Index Drops 1.75% in Morning Session; MINIMAX Surges on Inclusion in Stock Connect

MINIMAX-W (00100) surged more than 16% against the market trend, as the company was officially included in the Stock Connect program, accelerating the validation of its path from model capabilities to commercial revenue.

Zhitong FinanceAug 6 12:00

Hong Kong Stock Market Movement | COSCO Shipping Energy (01138) Drops Nearly 6% in Early Trading as VLCC 'Yuanxi Lake' Diverts from Red Sea Route to Circumnavigate Africa

COSCO Shipping Energy (01138) fell nearly 6% in early trading. As of the time of writing, it was down 5.74% at HK$14.11, with a turnover of HK$750.486 million.

Zhitong FinanceAug 6 09:46

Express News | Bypassing the Red Sea blockade, China's ultra-large crude carriers dock in Egypt and sail around Africa.

BreakingsAug 6 08:50

Hong Kong Market Midday Commentary | Hang Seng Index Rises 0.11% in Morning Session; Gold Stocks Advance Across the Board

Gold stocks rose across the board. Optimistic expectations regarding U.S.-Iran negotiations led to a sharp decline in oil prices, while weakness in the U.S. dollar and Treasury bonds provided support to the precious metals market.

Zhitong FinanceAug 5 12:00