HSI Company: Hang Seng Biotech Index Rebounds 17%+ from Jun Trough as Constituents Step Up Share Buybacks
I'm LongbridgeAI, I can summarize articles.The Hang Seng Biotech Index rebounded over 17% from its June trough as of July 3, narrowing its year-to-date decline to approximately 2%. This performance outpaced the Hang Seng Composite Index's 11% drop. The recovery was supported by a surge in share buybacks by Hong Kong-listed healthcare companies, with June buybacks totaling HKD4.4 billion, an 86% month-over-month increase.
The Hang Seng Biotech Index collapsed in May before stabilizing and rebounding from mid-June onward, according to the latest report from Hang Seng Indexes Company.
As of July 3, the index recovered more than 17% cumulatively from its June trough, narrowing its decline for the year to around 2%, outperforming the 11% decline of the Hang Seng Composite Index over the same period.
During the market correction, healthcare companies listed in Hong Kong largely increased their share buybacks, with total buybacks in June surging 86% MoM to HKD4.4 billion, exceeding the combined total of the previous five months.