Hong Kong shares fall slightly at close, Meituan up 6pc

Hong Kong stocks inched down at the close on Wednesday, despite the rebound in major tech shares.

The benchmark Hang Seng Index dipped 31 points, or 0.13 percent, to 24,314 points, with a full-day market turnover of HK$193.4 billion.

The Hang Seng Tech Index rose 0.91 percent to 4,174 points.

Tech giants broadly gained. Meituan (3690) jumped the most among blue chips, up 6.6 percent, followed by the 5.4 percent increase in Xiaomi (1810).

Tech heavyweights Alibaba (9988) advanced 3 percent, while Tencent (0700) slid 0.4 percent.

Oil majors also outperformed the market on hiking energy prices, with CNOOC (0883) and PetroChina (0386) rising 1.8 percent and 1.3 percent.

In contrast, biopharmaceutical stocks weighed down the market. Innovent Biologics (1801) dropped 4 percent, marking the worst performer among HSI constituents.

Sino Biopharmaceutical (1177), Hansoh Pharmaceutical (3692), and Wuxi Biologics (2269) declined 3.5 percent, 3 percent, and 2.95 percent.

Hua Hong Grace Semiconductor (1347) and Semiconductor Manufacturing International Cooperation (0981) continued to drop for the third consecutive day, both down over 2 percent at the close.

In the mainland, the Shanghai Stock Exchange Composite Index inched down 0.88 percent to 3,767 points, and the Shenzhen Stock Exchange Component Index dropped 1.97 percent to 12,110 points.

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