CXO concept stocks rebounded in early trading. As of press time, Joinn Laboratories (06127) rose 10.73%, to HKD 7.33; Genscript Bio (01548) rose 5.19%, to HKD 9.53; Pharmaron (03759) rose 5.13%, to HKD 8.6; and Tigermed (03347) rose 4.56%, to HKD 28.65.
According to the Intelligent Financial App, CXO concept stocks rebounded in early trading. As of press time, Joinn Laboratories (06127) rose 10.73%, to HKD 7.33; Genscript Bio (01548) rose 5.19%, to HKD 9.53; Pharmaron (03759) rose 5.13%, to HKD 8.6; and Tigermed (03347) rose 4.56%, to HKD 28.65.
On the news front, on July 9th, Fed Chairman Powell's dovish tone during his testimony to the US Congress raised market expectations for a Fed rate cut. Pacific Securities previously indicated that as the Fed's rate-hike cycle ends and liquidity gradually loosens, an investment and financing rally is expected, with overseas demand improving before domestic demand.
In addition, the "Implementation Plan to Support the Development of Innovative Drugs throughout the Entire Chain" was recently issued. Soochow Securities believes that specific provisions are expected to be implemented in the near future. Combined with the innovative drug sector being at a relatively low historical level, there are multiple catalysts such as the ESMO conference, WCLC conference, medical insurance negotiations, and expectations for innovative drugs going overseas in the second half of the year, making the innovative drug sector poised for strength.