The Hong Kong stock market opened lower on Monday, with the Hang Seng Index (HSI) falling by 0.67%. However, pharmaceutical and biotech stocks bucked the trend, with PHARMARON (03759) surging 9.14% in the morning session.
The surge in PHARMARON's stock was fueled by the company's announcement to repurchase its H-shares with a maximum amount of RMB 50 million. This share buyback plan signaled the management's confidence in the company's future prospects, boosting investor sentiment and driving up the stock price.
PHARMARON's strong performance was part of a broader rally in the pharmaceutical and biotech sectors. Other notable gainers included Wuxi Biologics (02269), which rose 13.03% after reporting robust financial results, and Innovent Biologics (01801), which gained 2.38% following positive clinical trial results for one of its key drug candidates.
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