Hong Kong Stock Market Trend | Half-day decline of 224 points, technology stocks remain weak

The conflict in the Middle East continues, and Hong Kong stocks followed regional markets lower on the futures settlement day. Driven by tech stocks, the Hang Seng Index opened more than 400 points down, with the decline once expanding beyond 500 points before stabilizing, and the half-day decline narrowing to 224 points.

The Hang Seng Index gapped down 419 points at the open, at 24,532 points. Bears immediately pressed, with the index falling as much as 542 points to a low of 24,409 points. As the Shanghai Composite Index rebounded from its lows, the decline in Hong Kong stocks significantly narrowed, with the half-day drop of 224 points or 0.9%, closing at 24,727 points. The China Enterprises Index fell 60 points or 0.72%, to 8,393; the Tech Index declined 79 points or 1.66%, to 4,698.

The total market turnover for the half-day was HKD 154.828 billion, with a net inflow of HKD 4.87 billion from northbound funds.

Hong Kong Exchanges and Clearing (00388) fell 2.2% to HKD 382; HSBC (00005) declined 1.8% to HKD 122.6; AIA (01299) dropped 0.8% to HKD 84.95. Xinyi Solar (00968) fell 3.8% to HKD 3.02, making it the weakest blue chip in the half-day session. Pop Mart (09992) rose 2% to HKD 152.6; Lao Poo Gold (06181) increased 2.6% to HKD 633, ranking as the second-best performing blue chip of the half-day.

Focus Sectors

Major tech stocks: declined. Alibaba (09988) fell 1.9% to HKD 120.3; Tencent (00700) dropped 2.2% to HKD 482.4; JD.com (09618) declined 0.6% to HKD 113; Meituan (03690) fell 1.3% to HKD 84.75; Baidu (09888) dropped 3.4% to HKD 104.7; Xiaomi (01810) declined 1.5% to HKD 32.5; Kuaishou (01024) fell 2% to HKD 45.14; NetEase (09999) declined 0.8% to HKD 171.7.

Aluminum stocks: rose against the trend. Two Middle Eastern aluminum producers were attacked by Iran, causing aluminum prices to climb. China Hongqiao (01378) rose 3.4% to HKD 35.68, making it the most resilient blue chip of the half-day; Chalco (02600) increased 7.9% to HKD 11.66; Rusal (00486) rose 3.2% to HKD 4.23; Chalco International (02068) surged 18% to HKD 2.88.

Semiconductor stocks: under pressure. SMIC (00981) fell 1.9% to HKD 51.5; Huahong Semiconductor (01347) declined 1% to HKD 81.95; ASMPT (00522) dropped 3.7% to HKD 102.4.

Key Stocks

BYD (01211) earned 18.9% less last year than market expectations. After opening over 4% lower, the stock stabilized and in the half-day rose 0.1% to HKD 106.6.

Youpin 360 (02360) reported a 10% profit decline last year, falling 6.8% in the half-day to HKD 1.78.

Meitu (01357) posted a 65% increase in adjusted profit last year, but its stock came under pressure, dropping 8.5% in the half-day to HKD 4.33.

AI drug development firm Insilico Medicine (03696) reached a collaboration agreement with U.S. pharmaceutical giant Eli Lilly valued at up to USD 2.75 billion. The stock rose 4% in the half-day to HKD 59.5.

Four newly listed stocks performed well on their first trading day. Among them, Deshi (02526) doubled in half-day trading to HKD 202.6; Jishi (06636) increased 1.1 times to HKD 83.35; Hantian Cheng (02726) rose 34.5% to HKD 102.6; Huayan Robotics (01021) increased 15.6% to HKD 19.66.

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