--- title: "Hong Kong Stock Midday Review | The Hang Seng Index fell 1.59% and entered a correction, while energy stocks surged against the trend, with Shandong Molong rising 66.28%" description: "On March 2nd, Hong Kong stocks collectively adjusted in the afternoon, with the Hang Seng Index falling 1.59% to 26,205.98 points, and the Hang Seng Tech Index dropping 2.12%. Market sentiment weakene" type: "news" locale: "en" url: "https://longbridge.com/en/news/277402829.md" published_at: "2026-03-02T04:25:06.000Z" --- # Hong Kong Stock Midday Review | The Hang Seng Index fell 1.59% and entered a correction, while energy stocks surged against the trend, with Shandong Molong rising 66.28% > On March 2nd, Hong Kong stocks collectively adjusted in the afternoon, with the Hang Seng Index falling 1.59% to 26,205.98 points, and the Hang Seng Tech Index dropping 2.12%. Market sentiment weakened, with the retail, internet, and hardware sectors generally under pressure. Despite news of a new car, Xiaomi still fell 4.58%. Risk aversion sentiment increased, flowing into the energy sector, with China National Offshore Oil Corporation rising 3.79% and Shandong Molong soaring 66.28%. The macro market is waiting for retail and export data to verify the strength of domestic demand recovery **Market Overview** On March 2, the main indices of the Hong Kong stock market retreated across the board in the morning session, entering a consolidation phase after reaching previous highs. ▪ The Hang Seng Index fell 1.59% to 26,205.98 points by noon, retreating since February 27 and facing short-term adjustment pressure. ▪ The Hang Seng Tech Index led the declines, dropping 2.12% to 5,028.99 points by noon, failing to maintain its previous strong performance. ▪ The China Enterprises Index closed at 8,737.45 points at noon, down 1.38%, following the weak fluctuations of the broader market. **Sector Performance** ▪ The retail sector generally declined, with market sentiment low and lacking positive support. Leading stock Alibaba -W (9988.HK) fell 2.66%, with a turnover of HKD 9.923 billion; JD Group -SW (9618.HK) dropped 2.49%; Miniso (9896.HK) saw a decline of 3.16%. ▪ The internet content and information sector weakened, with clear signs of capital outflow. Kuaishou -W (1024.HK) fell 2.70%, and Baidu Group -SW (9888.HK) dropped 2.67%. Tencent Holdings (700.HK) performed relatively resiliently, only down 0.29%, with a turnover of HKD 9.820 billion. ▪ The hardware, storage, and peripherals sector saw widespread declines. Although Lei Jun announced that the Xiaomi Vision GT will officially debut at the Mobile World Congress (MWC) in Barcelona, showcasing smart car technology achievements, Xiaomi Group -W (1810.HK) still plummeted 4.58%; Longqi Technology (9611.HK) fell 5.20%; Lenovo Group (992.HK) dropped 2.06%. **Macroeconomic Background** ▪ The current Hong Kong stock market is in a macro verification window. As data is yet to be disclosed early this week, the market is focused on subsequent retail sales and export growth rates to assess the resilience of domestic demand recovery. ▪ Investors are highly sensitive to changes in M3 money supply and exchange rate fluctuations, with marginal changes in liquidity determining short-term valuation recovery space, maintaining an overall cautiously optimistic sentiment. **Popular Stocks** ▪ Shandong Molong (568.HK) rose 66.28%, with a turnover of HKD 2.32 billion. The energy sector surged against the trend, becoming the main direction for market capital to seek refuge. ▪ Zhonggang Petroleum (632.HK) rose 82.20%, with a turnover of HKD 28.3592 million, leading the gains with significantly increased capital activity. ▪ Jiaxin International Resources (3858.HK) rose 20.08%, with a turnover of HKD 1.585 billion; Sinopec Oilfield Service (1033.HK) rose 20.00%, with a turnover of HKD 776 million, with resource stocks strengthening across the board. ▪ Yangtze Optical Fibre and Cable (6869.HK) rose 12.84%, with a turnover of HKD 4.588 billion, outperforming the broader market. **Market Turnover TOP10** ▪ Alibaba -W (09988.HK) latest transaction price 139.10 HKD, decline 2.66%, transaction amount 9.923 billion HKD ▪ Tencent Holdings (00700.HK) latest transaction price 516.50 HKD, decline 0.29%, transaction amount 9.820 billion HKD ▪ Xiaomi Group -W (01810.HK) latest transaction price 33.30 HKD, decline 4.58%, transaction amount 6.262 billion HKD ▪ China National Offshore Oil Corporation (00883.HK) latest transaction price 26.28 HKD, increase 3.79%, transaction amount 6.170 billion HKD ▪ Yangtze Optical Fibre and Cable Joint Stock Limited Company (06869.HK) latest transaction price 167.90 HKD, increase 12.84%, transaction amount 4.588 billion HKD ▪ Semiconductor Manufacturing International Corporation (00981.HK) latest transaction price 65.75 HKD, decline 3.31%, transaction amount 3.470 billion HKD ▪ Shandong Molong (00568.HK) latest transaction price 7.20 HKD, increase 66.28%, transaction amount 2.320 billion HKD ▪ PetroChina Company Limited (00857.HK) latest transaction price 9.67 HKD, increase 1.36%, transaction amount 2.296 billion HKD ▪ SenseTime -W (00020.HK) latest transaction price 2.35 HKD, decline 8.20%, transaction amount 2.214 billion HKD ▪ COSCO Shipping Energy Transportation Co., Ltd. (01138.HK) latest transaction price 19.47 HKD, increase 3.40%, transaction amount 1.925 billion HKD ### Related Stocks - [00568.HK - SHANDONG MOLONG](https://longbridge.com/en/quote/00568.HK.md) - [09988.HK - BABA-W](https://longbridge.com/en/quote/09988.HK.md) - [09618.HK - JD-SW](https://longbridge.com/en/quote/09618.HK.md) - [09896.HK - MNSO](https://longbridge.com/en/quote/09896.HK.md) - [01024.HK - KUAISHOU-W](https://longbridge.com/en/quote/01024.HK.md) - [00700.HK - TENCENT](https://longbridge.com/en/quote/00700.HK.md) - [09888.HK - BIDU-SW](https://longbridge.com/en/quote/09888.HK.md) - [01810.HK - XIAOMI-W](https://longbridge.com/en/quote/01810.HK.md) - [09611.HK - LONGCHEER](https://longbridge.com/en/quote/09611.HK.md) - [00992.HK - LENOVO GROUP](https://longbridge.com/en/quote/00992.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Shandong Molong Forecasts 2025 Return to Profit on Overseas Growth and Cost Controls | Shandong Molong Petroleum Machinery (HK:0568) forecasts a return to profit in 2025, projecting a net profit of RMB 4-6 m | [Link](https://longbridge.com/en/news/273987310.md) | | Shandong Molong Wins Shareholder Approval for Governance Amendments at 2025 EGMs | Shandong Molong Petroleum Machinery has received shareholder approval for governance amendments at its 2025 extraordinar | [Link](https://longbridge.com/en/news/271216994.md) | | Xiaomi 17 is a small(ish) phone with a big(ish) battery | Xiaomi has launched its latest flagship phones, the Xiaomi 17 and 17 Ultra, globally, alongside a Leica-branded Leitzpho | [Link](https://longbridge.com/en/news/277311828.md) | | China's Search Giant Baidu Struggles With Weak Ad Spending Despite AI Push | Baidu (BIDU) shares fell 4% after reporting Q4 results, with revenue declining 4% YoY to $4.682 billion, slightly above | [Link](https://longbridge.com/en/news/277056050.md) | | Shanghai Longcheer Technology's Hong Kong IPO Stabilization Period Ends | Shanghai Longcheer Technology's Hong Kong IPO Stabilization Period Ends | [Link](https://longbridge.com/en/news/276672349.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.