Hong Kong Midday: Hang Seng Tumbles Over 2%; Alibaba Slumps Nearly 10% on Share Placement; Sinopec Bucks Trend, Up Over 4%
Market Pulse·
- At the midday close on August 24, Hong Kong stock indices declined collectively, with the Hang Seng Index down 2.09% to 25465.23 points and a total turnover of approximately 1679 billion HKD.
- Alibaba's record 80 billion HKD share placement triggered a broad tech sector sell-off, causing its stock to plummet nearly 10% and fall below the placement price.
- Conversely, Sinopec rose over 4% following a 12% increase in mid-term net profit, while Livzon Pharmaceutical dropped over 14% after reporting declining mid-term earnings.