On the last trading day before the long holiday, the Hong Kong stock market faced significant selling pressure, with the Hang Seng Index closing at 26,567 points, down 465 points or 1.7%, falling below the 10-day and 20-day moving averages. The total market turnover was HKD 257.5 billion; before the Northbound trading suspension, there was a significant net inflow of HKD 20.22 billion. The Hong Kong Stock Connect will reopen on February 24, the eighth day of the Lunar New Year.
<h2>Three Major Indices Maintain Position for the Week, Hang Seng Index Slightly Up 7 Points</h2>
For the week, the three major indices barely maintained their positions, with the Hang Seng Index slightly up 7 points; the National Index up 1 point; and the Tech Index also up 14 points or 0.3%. Meituan (3690) fell 10.1% over the week, becoming the worst-performing blue chip; Innovent Biologics (1801) and WuXi AppTec (2359) rose 11.5% and 7.8%, respectively, making them the best performers among blue chips.
The Hang Seng Index opened 392 points lower due to external factors, at one point narrowing the decline to 258 points, but could not sustain it, fluctuating downwards throughout the day, with a maximum drop of 588 points, closing at 26,567 points, down 465 points. The National Index closed at 9,032 points, down 142 points. The Tech Index reported 5,360 points, down 48 points or 0.9%.
Tech stocks were generally under pressure, with Meituan plunging 3.2% to close at HKD 82.15, hitting a nearly two-year low; Baidu (9888) dropped 3.1% to HKD 135.8; Alibaba (9988) fell 2% to HKD 155.4; Tencent (700) declined 0.7% to HKD 532. However, Xiaomi (1810) rose 0.9% to close at HKD 36.84.
<h2>Oil and Gold Prices Plummet, Three Major Oil Companies Under Pressure</h2>
The resource and precious metals sectors saw another wave of selling, with international gold prices falling below the HKD 5,000 mark again. Zijin Mining (2899) dropped 7.6% to HKD 41.58; China Hongqiao (1378) fell 5.4% to HKD 35.22, becoming the two worst-performing blue chip stocks. Additionally, the International Energy Agency predicts a significant oversupply of oil this year, with market concerns overshadowing the risks of US-Iran negotiations. New York crude oil fell 3% overnight, and the &#34;three major oil companies&#34; in Hong Kong also softened, with Sinopec (386) dropping 5.1% to HKD 5.37; PetroChina (857) down 4.3% to HKD 9.05; and CNOOC (883) down 3.5% to HKD 24.24.
Traditional financial stocks also faced declines, with AIA (1299) falling 4.2% to HKD 80.3; China Life (2628) down 3.7% to HKD 33.08; HSBC (005) down 2.7% to HKD 135.7; Ping An (2318) down 2.2% to HKD 70.35; and Hong Kong Exchanges and Clearing (388) down 2.1% to HKD 405.2.
<h2>Zhizhu Soars Another 20%</h2>
AI large model stocks continued to rise against the trend, with Zhizhu (2513) surging 20.6% to HKD 485; Minimax (100) skyrocketing 15.6% to close at HKD 680; and AI concept stock Haizhi Technology (2706) debuting at HKD 92.6, up 2.42 times from the listing price, with a profit of HKD 13,108 per lot
<h2>Eric Wu expects the Hang Seng Index to test the support at 26,300 points, foreign capital finds it difficult to push up Hong Kong stocks</h2>
Eric Wu, a strategist at Everbright Securities International, stated that the Hong Kong stock market still faces short-term pressure, with technology stocks dragging down the overall market showing no signs of rebound. He anticipates that the market may need to test the support level of 26,300 points next Monday during the half-day session. He explained that in the absence of northbound capital, Hong Kong stocks will be more affected by foreign capital, but the recent external atmosphere is also relatively weak, which is not conducive to the performance of the &#34;closing&#34; in the Year of the Snake.
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Following the decline in US stocks, the Hang Seng Index opened 392 points lower this morning, with a maximum drop of 494 points; it closed at 26,548 points at noon, down 484 points or 1.79%. The turnover was HKD 128.406 billion. The Tech Index fell 89 points or 1.65%, reporting 5,319 points.
The selling pressure on tech stocks is heavy, with Meituan (3690) down 4.53%; Baidu (9888) down 3.78%; JD.com (9618) down 3.04%; Alibaba (9988) down 2.27%; Tencent (700) and NetEase (9999) down 1.6%; Xiaomi (1810) down 0.54%.
Zijin Mining (2899) fell 5.19%, making it the worst-performing blue chip for the half-day.
On its first day of listing, Haizhi Technology (2706) closed at HKD 89.1, up 229.2% from the listing price of HKD 27.06.
Zhipu (2513), a counseling institution listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, rose 11.89% for the half-day; its peer MINIMAX (100) rose 9.43%, both stocks hitting new highs since their listing.
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0930: Major tech stocks plummeted, coupled with the disruptive spread of AI to traditional industries, leading to a significant drop in the three major US stock indices. The Dow Jones closed down 669 points or 1.34%, reporting 49,451 points; the S&amp;P 500 fell 108 points or 1.57%, reporting 6,832 points, marking the third consecutive day of decline; the Nasdaq dropped 469 points or 2.03%, reporting 22,597 points; the Golden Dragon Index, reflecting the performance of Chinese concept stocks, fell 3%, reporting 7,599 points.
Apple fell 5% due to news of a potential delay in the Siri update and possible scrutiny of Apple News, marking its worst single-day performance since April last year. Cisco's gross margin guidance disappointed the market, causing its stock price to plummet 12.3%.
Other major tech stocks generally fell, with Broadcom down over 3%, Tesla, Meta, and Amazon all down over 2%, NVIDIA down 1.6%, and Microsoft and Alphabet down 0.6%. Additionally, the threat of AI has spread to logistics and commercial real estate services, with CBRE down 8% and Jones Lang LaSalle down 7%.
In the Hong Kong stock market, the Hang Seng Index opened 392 points lower, reporting 26,640 points. In tech stocks, Tencent (700) fell 1.86%; Alibaba (9988) fell 2.9%; Meituan (3690) fell 0.94%.
Spot gold prices fell 4% overnight, while spot silver prices dropped 11.7%. Zijin Mining (2899) fell 3.46%, and Zijin Gold International (2259) fell 3.15%;
Zhaojin Mining (1818) and Shandong Gold (1787) also fell over 3%. China Silver Group (815) dropped 3.17%.
CK Hutchison Holdings (001) fell 1.89%, closing at HKD 62.3. The company announced after market close yesterday that it has notified Panama regarding the port dispute under the investment protection treaty and invited the country for consultations, actively seeking a resolution. CK Hutchison also notified Maersk, which is willing to take over its two ports, that such actions would cause damage to CK Hutchison and trigger legal actions; it also warned third parties not to collude in any illegal activities regarding the operations of the two container terminals.
Wynn Macau (1128) reported a 7.45% decline in adjusted property EBITDAR for the last quarter, with its stock price opening down 0.98%.
Regarding the northbound capital flow, on Thursday, southbound funds net bought HKD 456,700 in Hong Kong stocks. Tencent (700), Xiaomi (1810), and Meituan (3690) received net purchases of HKD 1.429 billion, HKD 1.02 billion, and HKD 985 million, respectively; WuXi AppTec (2269), Zijin Mining (2899), and Pop Mart (9992) faced net sales of HKD 392 million, HKD 346 million, and HKD 301 million, respectively

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Hong Kong stocks fell sharply on the last day before the long holiday, with the Hang Seng Index closing at 26,567 points, down 465 points or 1.7%. Meituan plummeted 3.2%, hitting a two-year low, and Zijin Mining dropped 7.6%. The overall market turnover was HKD 257.5 billion, with a net inflow of HKD 20.22 billion from the north. The three major indices rose slightly for the week, with the National Index closing at 9,032 points, down 142 points, and the Tech Index reporting 5,360 points, down 48 points. The resources and precious metals sectors faced a sell-off, and traditional financial stocks also performed weakly

- Hong Kong's stock market faced heavy selling pressure before a long holiday, with the Hang Seng Index closing down 465 points at 26,567.  
- Major indices experienced slight weekly gains despite the day's decline; Meituan performed poorly, while Innovent Biologics and WuXi AppTec showed better results among blue chips.  
- Analysts suggest continued pressure on the market as tech stocks remain weak, anticipating potential testing of support around 26,300 points next week.

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The Hang Seng Index fell by 465 points, Meituan dropped sharply by 3%, and Zijin Mining declined by 8%. Experts expect the market to be weak in the first half of the day before the holiday｜Hong Kong stock market closing