Hang Seng Index Trend | Down 251 Points for the Day, Down 291 Points for the Week

The Middle East conflict continues to escalate, causing U.S. stocks to decline overnight, and Asian-Pacific markets also came under pressure. Hong Kong stocks fell over 200 points for the day. For the week, the Hang Seng Index declined by 291 points or 1.13%.

The Hang Seng Index opened 133 points lower at 25,583, dropping more than 200 points early on but gradually recovering. It once only fell 19 points, reaching a high of 25,697. However, resistance at the 10-day moving average (currently at 25,661) reappeared. In the afternoon, selling pressure increased, and the index fell below the morning low, with a maximum decline of 296 points, hitting a low of 25,419. It closed the day at 25,465, down 251 points or 0.98%.

The China Enterprises Index fell 28 points or 0.32%, closing at 8,671. For the week, it gained 43 points or 0.5%.

The Tech Index dropped 49 points or 0.99%, ending at 4,978. Weekly, it rose 30 points or 0.62%.

Total daily market turnover was HKD 246.542 billion, with Northbound funds net inflow of HKD 18.448 billion.

COSCO Shipping (00316) reported a 41% decline in profit last year, falling 7.5% for the day to HKD 142.7, making it the worst-performing blue chip. Sinyi Glass (00868) dropped 5.1% to HKD 10.44; Luk Fook (06181) declined 3.9% to HKD 648.5; HSBC (00005) fell 5% to HKD 122.5.

Major tech stocks generally held steady. NetEase (09999) rose 0.5% to HKD 182.4; Tencent (00700) up 0.2% at HKD 547.5; Baidu (09888) increased 1.5% to HKD 122.2; Alibaba (09988) up 0.7% at HKD 132.5; JD.com (09618) up 0.1% to HKD 109.6; Xiaomi (01810) up 0.1% at HKD 33.32; Meituan (03690) down 1% to HKD 75.95.

Focus Sectors

Oil stocks: Oil prices continue to rise, with Brent crude surpassing USD 100 per barrel again. Oil stocks performed well. CNOOC (00883) up 2.3% at HKD 29.76; PetroChina (00857) up 0.5% at HKD 10.67.

Focus Stocks

MTR Corporation (00066) reported a 7% decline in profit last year, with dividends unchanged. After a slight dip at the open, the stock’s decline widened, ending the day down 6.4% at HKD 32.38, the second-largest decline among blue chips.

Swire (00019) offered a 10% discount to subscribe for Cathay Pacific (00293). Swire rose 3.1% to HKD 85.3; Cathay Pacific fell 5.1% to HKD 12.33.

Ming Kee Kwoon (01716) changed ownership, resumed trading today, and its stock surged 37.19% to HKD 1.66.

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