Major Asia-Pacific stock indices drifted lower, Hong Kong tech stocks plummeted, Kuaishou dropped 14%, and oil and gas stocks led the gains against the trend.

Reporter | Zeng Jingjiao Intern Reporter Lin Qianwei

Editor | Xie Zhen

On March 26, the Asia-Pacific stock markets fell across the board, with Japanese and South Korean markets closing lower; the Nikkei 225 index dropped by 0.27%; the South Korean KOSPI index fell by 3.22%.

The A-share market experienced a pullback after a strong start, with all four major indices dropping over 1%. The Shanghai Composite Index fell below 3900 points, with nearly 4500 stocks in the entire market declining.

Source of the image: 21 Financial Client

Oil and gas stocks strengthened in the afternoon, with Blue Flame Holdings surging sharply to the limit, Shouhua Gas rising over 6%, and China Petroleum and Intercontinental Oil & Gas following suit. On the news front, international oil prices rose today, with New York futures oil and Brent crude both increasing by about 2%, and multiple oil and gas funds announced a suspension of trading.

Coal and chemical stocks saw a brief surge, with Jinmei Technology hitting the limit, Haixing Co. rising over 8%, Liaoning Energy up over 7%, and Baotailong, Jinmei Energy, and Lu’an Environmental Energy following suit.

The power sector performed actively, with Huadian Energy hitting 4 limits in 6 days, Hunan Development achieving 3 consecutive limits, and Jinko Power, Guangxi Energy, and Shenzhen Nande A hitting the limit. Lithium battery material stocks showed repeated strength, with Rongjie Co. achieving 3 consecutive limits, and Shida Shenghua and Dadi Nan hitting the limit.

The commercial aerospace concept once again showed strength against the trend, with Shenjian Co. and Zhongchao Holdings hitting the limit, Xice Testing rising over 16%, and Dinggu Jichuang increasing over 8%. On the news front, SpaceX announced it would file for a U.S. IPO as early as this week.

On the downside, the photovoltaic sector continued to weaken, with Guosheng Technology hitting the limit, Yubang New Materials and Shouhang New Energy dropping over 9%. The optical fiber concept fluctuated downwards, with Farsens hitting the limit. Wind power, insurance, internet, and precious metals sectors saw significant declines.

In the Hong Kong stock market, the Hang Seng Index fell over 2%, and the Hang Seng Technology Index dropped by 3.4%.

Tech stocks collectively plummeted, with Kuaishou falling over 14%, Hua Hong Semiconductor and SMIC down over 6%, Alibaba dropping nearly 5%, and Meituan, JD Health, and Alibaba Health falling over 4%.

The consumer sector led the decline, with Pop Mart dropping 11%, continuing yesterday’s downward trend. Precious metals and defense military industry stocks saw significant declines. Oil and gas stocks rose against the trend, with Baijin Oil Services up over 9%, China Gas and Shandong Molong rising over 5%.

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