July’s global stock market scoreboard released: Hang Seng up 13% to take the top spot, STAR Market 50 down 26% at the bottom
On the last trading day of July 2026, the global stock markets showed extreme polarization, with a huge gap between them.
Top decliners: Deleveraging sectors became the worst-hit
China A-share STAR Market 50: -25.9% — a stampede-style pullback in the semiconductor and computing power industry chain, dragging it to a miserable bottom
China A-share ChiNext: -23.0% — high-valued growth stocks ran into a major shuffle of capital
South Korea KOSPI: -22.19% — regulators cracked down hard on leveraged products, with frequent monthly circuit breakers
Top gainers: Chinese concepts and Hong Kong stocks claim victory against the trend
Hang Seng Index (Hong Kong): +13.13% — undervaluation + high dividends; stood out while markets around the world plunged
NASDAQ Golden Dragon China Index: +11.2% — overseas Chinese-concept stocks staged an independent, short-squeeze-like rally
Hang Seng Tech Index (Hong Kong): +7.98% — as the global AI chain collapsed, Hang Seng Tech ended up as a safe haven
The logic behind the global divergence is clear:
Overvalued tech growth → down
Undervalued value pockets → up
The more aggressive the deleveraging → the worse the decline
The stronger the safe-haven attributes → the more it rises
There’s only one winner in July: cheapness.
On the last trading day of July 2026, the global stock markets showed extreme polarization, with a huge gap between them.
Top decliners: Deleveraging sectors became the worst-hit
China A-share STAR Market 50: -25.9% — a stampede-style pullback in the semiconductor and computing power industry chain, dragging it to a miserable bottom
China A-share ChiNext: -23.0% — high-valued growth stocks ran into a major shuffle of capital
South Korea KOSPI: -22.19% — regulators cracked down hard on leveraged products, with frequent monthly circuit breakers
Top gainers: Chinese concepts and Hong Kong stocks claim victory against the trend
Hang Seng Index (Hong Kong): +13.13% — undervaluation + high dividends; stood out while markets around the world plunged
NASDAQ Golden Dragon China Index: +11.2% — overseas Chinese-concept stocks staged an independent, short-squeeze-like rally
Hang Seng Tech Index (Hong Kong): +7.98% — as the global AI chain collapsed, Hang Seng Tech ended up as a safe haven
The logic behind the global divergence is clear:
Overvalued tech growth → down
Undervalued value pockets → up
The more aggressive the deleveraging → the worse the decline
The stronger the safe-haven attributes → the more it rises
There’s only one winner in July: cheapness.