HSI edges higher to 25,310 points at market close, Laopu Gold plummets 23pc

Hang Seng Index edged higher to above 25,300 points at market close on Tuesday, Laopu Gold (6181) plummeted 23.76 percent as major investment banks lowered its target prices.

The benchmark Hang Seng Index rose 103 points, or 0.41 percent, to 25,310 points.

The full-day market turnover was HK$250 billion.

Tech gauge went up by 0.61 percent to 4,730 points.

Laopu Gold's shares dropped 23.76 percent after major investment banks, including Goldman Sachs and Citigroup, lowered their target prices, citing cooling revenue growth, a drop in bullion prices from previous record highs, and softer-than-expected sales in the second quarter. Chow Tai Fook's (1929) shares also fell 4.05 percent.

Notably, NetEase and JD.com (9618) gained the most among the tech heavyweights by rising 4.5 percent and 4.11 percent, respectively, making them the best-performing blue chips. Xiaomi (1810) increased 2.02 percent, and Meituan (3690) rose 1.12 percent. Tencent (0700) and Alibaba (9988) were little changed, up 0.95 percent and 0.9 percent, respectively.

Meanwhile, Lenovo (0992) and Baidu (9888) fell 3.7 percent and 2.59 percent, respectively. CATL (3750) dropped 4.96 percent. Chip stock SMIC (0981) also fell 2.19 percent.

CSPC Pharmaceutical (1093), which announced a positive profit alert yesterday, ended the day by rising 2.29 percent.

BYD Company (1211), which launched its electric mini-car model, Racco, in Japan on Tuesday, rose slightly by 1.41 percent.

In the mainland, the Shanghai Stock Exchange Composite Index fell 44 points, or 1.16 percent, to 3,813 points. The Shenzhen Stock Exchange Composite Index dropped 4.52 percent to 13,509 points.

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