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<H Shrs>HSI Escalates 150 Pts at Midday as CN Developers Prosper; ZHONGSHENG HLDG Hypes Up 8%+
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The HSI ticked up 150 points or 0.6% to close at 25,688 at midday. The HSCEI added 38 points or 0.4% to 9,279. The HSTECH lifted 34 points or 0.6% to 5,780. Hong Kong stocks' half-day turnover amounted to $164.385 billion. Chinese developer COUNTRY GARDEN (02007.HK) swelled 7.5%, while SHIMAO GROUP (00813.HK) leaped 4.8%. LOGAN GROUP (03380.HK) mounted 3.1%, while CHINA VANKE (02202.HK) and SUNAC (01918.HK) jumped up nearly 3%. LONGFOR GROUP (00960.HK) climbed 1.7%. WESTCHINACEMENT (02233.HK) soared 16.5% as it forecasted an 80-100% surge in 1H25 profit. Other cement stock HUAXIN CEMENT (06655.HK) ascended 3.5%. ZHONGSHENG HLDG (00881.HK) shot up 8.6%, being the best-performing blue chip, while MEIDONG AUTO (01268.HK) mushroomed 8.4%. Citi Research said that the Chinese government announced on 17 July that it would lower the tax threshold for the 10% consumption tax on luxury cars from RMB1.3 million to RMB900,000. Porsche China has agreed to provide a 10% consumption tax subsidy for the affected models, which the broker believed demonstrates Porsche China's determination and is good for dealers' profit margins on new vehicles, according to the broker's dealer survey. AAStocks Financial News Website: www.aastocks.com |
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