Market Overview
▪ On March 2, Hong Kong stocks faced collective pressure during the trading session, with all three major indices experiencing significant pullbacks, failing to maintain the strong momentum from the end of last month. As of the time of writing, market risk aversion has increased, as evidenced by the following:
▪ The Hang Seng Index fell by 2.01% during the session, reporting 26,096.5 points, significantly retreating from the peak reached on February 27, facing short-term profit-taking pressure.
▪ The Hang Seng Tech Index led the market decline, down 2.63% at 5,002.78 points, with technology heavyweight stocks generally declining, bringing the index close to the 5,000-point mark.
▪ The China Enterprises Index also adjusted, dropping 1.62% during the session to 8,715.8 points. Overall, after a series of upward movements in the previous period, Hong Kong stocks entered a phase of consolidation today, with reduced willingness for funds to chase higher prices.
Sector Performance
▪ The retail sector retreated alongside the broader market, suppressed by macro sentiment and risk aversion factors, showing a downward trend. Alibaba -W fell 3.99%, with a transaction volume of HKD 12.814 billion. Despite the company's ongoing AI initiatives, the stock price declined due to market sentiment and cautious capital ahead of the Two Sessions. JD.com -SW dropped 2.97%, with funds seeking safety before the earnings report. Miniso fell 3.39%, as the market worries about the overseas consumption environment.
▪ The internet content and information sector generally declined, dragged down by macro liquidity and growth concerns. Baidu -SW saw a significant drop of 4.12%, although it was favored by institutions, it fell back due to the broader market's influence. Kuaishou -W decreased by 3.58%, with market concerns about competition and growth sustainability. Tencent Holdings was relatively resilient, slightly down 0.68%, with southbound capital inflows indicating long-term value recognition.
▪ The oil and gas exploration and production sector surged against the trend, showing a strong upward trajectory. Geopolitical tensions triggered oil prices, with risk-averse funds driving the sector to soar. Leading player CNOOC rose by 4.50%, with a transaction volume of HKD 8.689 billion, benefiting from the spike in oil prices. CHK OIL surged 137.29%, driven by speculative trading and risk aversion sentiment. United Energy Group jumped 23.08%, with its high elasticity characteristics attracting significant capital interest.
Macroeconomic Background
▪ As we approach March 2026, the sentiment in the Hong Kong stock market is dominated by expectations of macro data. Investors are currently highly focused on the upcoming release of Hong Kong's retail sales and year-on-year import and export figures to assess the resilience of local consumption recovery and the external trade environment.
▪ Additionally, the HSBC Manufacturing PMI, as a leading indicator of economic prosperity, will directly impact capital risk appetite and the short-term volatility center of the Hang Seng Index.
Popular Stocks
▪ CHK OIL (632.HK) rose 137.29%, with a transaction volume of HKD 57.8904 million. There are no specific recent news, but as an oil and gas stock, it was driven by panic over oil supply caused by international geopolitical crises, experiencing speculative trading that doubled its stock price in a single day.
▪ BQ Oilfield Services (2178.HK) increased by 92.96%, with a transaction volume of HKD 17.8097 million. The recent escalation of geopolitical tensions in the Middle East has raised market concerns about potential disruptions to crude oil supply, boosting expectations for international oil prices. As an oilfield service and equipment provider, the company benefited from the industry's recovery and speculation over rising oil prices, leading to a significant surge in its stock price due to capital interest in a single day
▪ Ximei Resources (9936.HK) rose 26.03%, with a transaction volume of HKD 54.5035 million. The company released its annual performance announcement, showing a net profit of RMB 124 million for the year, a year-on-year increase of 42.5%. The strong growth in performance is mainly attributed to the increase in sales and prices of tantalum and niobium metallurgical products, coupled with the distribution of final dividends, attracting investor attention.
▪ Zhihui Mining (2546.HK) rose 26.19%, with a transaction volume of HKD 28.118 million. There are no specific recent news, and the stock price fluctuates with the overall resource sector.
▪ Zhongyu Energy (3633.HK) rose 15.00%, with a transaction volume of HKD 97.6964 million. There are no specific recent news, following the overall rise of the energy sector.
Market Transaction Volume TOP10
▪ Alibaba -W (09988.HK) latest transaction price HKD 137.10, down 4.06%, transaction volume HKD 12.742 billion
▪ Tencent Holdings (00700.HK) latest transaction price HKD 513.50, down 0.87%, transaction volume HKD 12.375 billion
▪ China National Offshore Oil Corporation (00883.HK) latest transaction price HKD 26.44, up 4.42%, transaction volume HKD 8.639 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 33.10, down 5.16%, transaction volume HKD 7.933 billion
▪ Changfei Fiber Optic Cable (06869.HK) latest transaction price HKD 158.40, up 6.45%, transaction volume HKD 6.143 billion
▪ SMIC (00981.HK) latest transaction price HKD 65.15, down 4.19%, transaction volume HKD 4.712 billion
▪ Shandong Molong (00568.HK) latest transaction price HKD 8.48, up 95.84%, transaction volume HKD 3.963 billion
▪ PetroChina Company Limited (00857.HK) latest transaction price HKD 9.90, up 3.77%, transaction volume HKD 3.532 billion
▪ BYD Company Limited (01211.HK) latest transaction price HKD 99.25, up 4.53%, transaction volume HKD 3.072 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 77.75, down 4.19%, transaction volume HKD 2.923 billion

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On March 2nd, all three major indices of the Hong Kong stock market retreated, with the Hang Seng Index falling 2.01% during the session and the Hang Seng Tech Index dropping 2.63%, approaching the 5000-point mark. Market risk aversion intensified, putting pressure on the technology and retail sectors, with Alibaba down 3.99% and JD.com down 2.97%. Driven by geopolitical tensions leading to rising oil prices, the oil and gas sector surged against the trend, with China National Offshore Oil Corporation rising 4.5% and CHK OIL soaring over 137%. Funds became cautious, focusing on the upcoming macroeconomic data

- On March 2, Hong Kong stocks faced significant pressure, with the Hang Seng Index falling 2.01% to 26,096.5 points amid rising risk aversion.  
- The Hang Seng Technology Index dropped 2.63%, and the Market overall entered a consolidation phase after prior gains, while sectors like retail and internet content also experienced declines.  
- Conversely, the oil and gas exploration sector surged due to geopolitical tensions increasing oil prices, with China National Offshore Oil Corporation rising 4.50%.

Market Heartbeat

CHK OIL

CNOOC

BABA-W

MNSO

JD-SW

BIDU-SW

KUAISHOU-W

TENCENT

PETRO-KING

XIMEI RESOURCES

ZHIHUI MINING

ZHONGYU ENERGY

Bosera CSI Oil & Gas Resources Index ETF

Yinhua CSI Oil & Gas Resources ETF

Guotai CSI Oil & Gas Industry ETF

China Universal CSI Oil & Gas Resources ETF

Hong Kong stock market intraday | The Hang Seng Index fell 2.01%, technology and retail stocks were under pressure, while the oil and gas sector surged against the trend, with CHK OIL soaring over 137%