Hong Kong stocks weakened into midday; HSI -1.10%, Hang Seng Tech Index -1.69%.
Chinese brokerage shares outperformed: Guotai Haitong (02611.HK) +3%+, China
Merchants Securities (06099.HK) ~+2%. Domestic banks lifted, Huishang Bank
(03698.HK) +5%+. Telecoms rallied then eased: China Unicom (00762.HK) +3%+,
China Telecom (00728.HK) +2%+. Select internet/tech names led pockets of
strength, Tencent Holdings (00700.HK) +3%+. Themes firmer included 5G,
logistics, home appliances, biopharma and dairy. Weakness centered on optical
communications—Yangtze Optical Fibre & Cable (06869.HK) down >10%—and PCBs:
Guanghe Technology (01989.HK) -8%+, Shenghong Technology (02476.HK) -5%+. Other
lagging sectors: lithium batteries, chips, EVs, airlines, nuclear, new consumer
and oil & gas-related names.
