Market Overview
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On November 18, all three major indices of the Hong Kong stock market fell, with the Hang Seng Index down 1.72%, closing at 25,930.03 points; the Hang Seng China Enterprises Index down 1.65%, closing at 9,174.84 points; and the Hang Seng Tech Index down 1.93%, at 5,645.73 points.
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As of the time of writing, there were 405 stocks rising, 1,521 stocks falling, and 800 stocks unchanged in the Hong Kong stock market, indicating a generally weak market atmosphere, with funds concentrated on large-cap weighted stocks and differentiated individual stocks.
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Sector Performance
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The aluminum sector saw a significant decline, becoming the leading declining sector. CHINAHONGQIAO fell 5.88%, with a transaction volume of HKD 17.049 billion, ranking first in Hong Kong stock trading. CHALCO fell 3.75%, with a transaction volume of HKD 1.111 billion. NANSHAN AL INTL fell 5.65%. The sector's performance was affected by weakening prices of bulk metals and cyclical pressures, leading to increased risk aversion among investors.
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The retail sector showed significant volatility and was overall in an adjustment phase. Alibaba-W slightly fell 0.19%, with recent stable performance reflecting funds' preference for leading technology and consumer stocks, with a transaction volume of HKD 16.011 billion. JD-SW fell 0.95%, with a transaction volume of HKD 1.355 billion. MNSO fell 1.73%. Despite the poor performance of sector leaders, low-priced stocks and those with international layouts showed a tendency for some funds to hold long-term value.
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The internet content and information sector experienced a noticeable pullback. TENCENT fell 2.04%, with a transaction volume of HKD 11.791 billion. KUAISHOU-W fell 3.22%, and BIDU-SW fell 1.94%. Technology heavyweight stocks faced short-term valuation pressure, leading to overall fund outflows from the sector and significant market adjustment pressure.
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Macroeconomic Background
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<li>In terms of macro data, the manufacturing PMI of the Hong Kong stock market has remained above 50 for the past month, indicating that the economy is still in an expansion phase. The unemployment rate has slightly rebounded, and both exports and imports continue to maintain double-digit growth, showing that external demand is still acceptable, although the trade deficit has widened. Inflation and retail, as well as money supply growth, are moderate, creating a cautious overall environment, with the recovery progress of external and domestic demand being the current focus of funds.</li>
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Popular Stocks
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HAO TIAN INTL (1341.HK) rose 2.54%, with a transaction volume of HKD 0.242 billion, indicating increased allocation interest and heightened short-term fund attention.
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DZUG (1635.HK) rose 3.31%, with a transaction volume of HKD 0.290 billion. In recent trading days, major funds have significantly increased their positions, with sector rotation driving some consumer stocks to become active.
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BASETROPHY GP (8460.HK) fell 1.82%, with a transaction volume of HKD 0.015 billion. Affected by sector differentiation and short-term confidence fluctuations, funds preferred leading stocks, leading to decreased speculation activity.
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LOPAL TECH (2465.HK) fell 5.81%, with a transaction volume of HKD 0.207 billion. The overall weakness in the technology and aluminum sectors, along with high turnover rates and cautious sentiment in the industry, has increased the extent of adjustments
· Chengdu Expressway (1785.HK) rose 0.49%, with a trading volume of HKD 71 million. There were large transactions before the market opened, possibly indicating institutional short-term reallocation, with active trading and increased funding attention in segmented sectors.
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Market Trading Volume TOP10
· CHINAHONGQIAO (1378.HK) fell 5.88%, with a trading volume of HKD 17.049 billion
· Alibaba-W (9988.HK) fell 0.19%, with a trading volume of HKD 16.011 billion
· TENCENT (700.HK) fell 2.04%, with a trading volume of HKD 11.791 billion
· Xiaomi Group-W (1810.HK) fell 2.81%, with a trading volume of HKD 8.755 billion
· SMIC (981.HK) rose 1.44%, with a trading volume of HKD 5.141 billion
· XPeng-W (9868.HK) fell 10.47%, with a trading volume of HKD 4.482 billion
· Hua Hong Semiconductor (1347.HK) rose 3.48%, with a trading volume of HKD 4.267 billion
· Meituan-W (3690.HK) fell 1.69%, with a trading volume of HKD 3.336 billion
· BYD Company (1211.HK) fell 3.77%, with a trading volume of HKD 3.009 billion
· Lenovo Group (992.HK) fell 4.16%, with a trading volume of HKD 2.991 billion

The three major indices of the Hong Kong stock market fell collectively, with the Hang Seng Index, Technology Index, and National Enterprises Index all experiencing significant declines. There was a clear divergence among sectors, with the aluminum sector leading the decline and technology heavyweight stocks showing weak performance. Market sentiment is cautious, with evident signs of capital seeking safety. Some consumer stocks and targets favored by northbound funds remained active against the trend. Ongoing macroeconomic pressures continue to impact market performance. The following summarizes the core data and capital movements throughout the day

- On November 18, Hong Kong's three major indices fell, with the Hang Seng Index down 1.72% to 25,930.03 points.  
- The aluminum sector led the decline, with China Hongqiao dropping 5.88%, while retail and internet content sectors also experienced significant fluctuations amid cautious market sentiment.  
- Macroeconomic indicators show a manufacturing PMI around 50, indicating weak economic expansion, with rising unemployment and a widening trade deficit, leading to a cautious investment environment.

LB Select

CHINAHONGQIAO

CHALCO

NANSHAN AL INTL

BABA-W

JD-SW

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

HAO TIAN INTL

DZUG

BASETROPHY GP

LOPAL TECH

CHENGDU EXPWAY

XIAOMI-W

SMIC

Hong Kong stock market closing | The Hang Seng Index fell 1.72%, falling below 26,000 points, with the aluminum sector leading the decline as CHINAHONGQIAO dropped 5.88%, and leading tech stocks under pressure