--- title: "Hong Kong Stock Midday Review | Hang Seng Index down 0.29%, volume contraction and consolidation, oil service sector surges against the trend, SHANDONG MOLONG skyrockets 58.82%" type: "News" locale: "en" url: "https://longbridge.com/en/news/277563313.md" description: "On March 3rd, the Hong Kong stock market closed at noon with all three major indices retreating. The Hang Seng Index fell by 0.29%, and the Hang Seng Tech Index dropped by 1.02%. Affected by the surge in oil prices due to geopolitical conflicts, the energy equipment and services sector performed strongly, with SHANDONG MOLONG soaring by 58.82% and SINOPEC SSC rising by 32.09%. Technology stocks showed a mixed performance, with Tencent Holdings supported by positive AI news, increasing by 0.68%, while XPeng fell by 3.02%. The overall market exhibited a trend of reduced trading volume and consolidation, with investors focusing on upcoming economic data and changes in the geopolitical situation" datetime: "2026-03-03T04:58:27.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277563313.md) - [en](https://longbridge.com/en/news/277563313.md) - [zh-HK](https://longbridge.com/zh-HK/news/277563313.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/277563313.md) | [繁體中文](https://longbridge.com/zh-HK/news/277563313.md) # Hong Kong Stock Midday Review | Hang Seng Index down 0.29%, volume contraction and consolidation, oil service sector surges against the trend, SHANDONG MOLONG skyrockets 58.82% #### **Market Overview** On March 3rd, the three major indices of the Hong Kong stock market collectively adjusted, showing a contraction and consolidation after yesterday's broad rise. As of the lunch break: ▪ The Hang Seng Index fell 0.29% to 25,983.82 points, hindered by the peak reached yesterday, maintaining high-level fluctuations during the day. ▪ The Hang Seng Tech Index performed relatively weakly, down 1.02% to 4,938.48 points, facing profit-taking after a previous day's surge and failing to sustain upward momentum. ▪ The China Enterprises Index fell 0.31% to 8,675.01 points, also pausing below the high point of March 2nd, with market sentiment slightly warming up. #### **Sector Performance** ▪ The Energy Equipment and Services sector led the gains strongly, influenced by soaring oil prices due to geopolitical conflicts, with the entire sector erupting. The leader, SHANDONG MOLONG (568.HK), saw its stock price soar 58.82%, driven by a significant one-day increase in crude oil prices due to the US-Iran conflict, with funds frantically chasing low-priced oil service stocks. SINOPEC SSC (1033.HK) rose 32.09%, as the industry leader, with strong market expectations for increased upstream exploration capital expenditures, establishing an upward trend for the sector. CHINA OILFIELD (2883.HK) moderately increased by 3.80%, indicating a defensive allocation tendency of institutional funds amid market fluctuations. ▪ The Oil and Gas Exploration and Production sector showed a broad rise, with funds rushing in due to the oil price breakthrough. CNOOC (883.HK) rose 2.32%, with high oil prices directly benefiting its profit expectations, continuously favored by southbound funds. CHK OIL (632.HK) experienced extreme volatility, with a rise of 66.67%, mainly driven by speculative sentiment in low-priced stocks. United Energy Group (467.HK) rose 7.50%, as funds sought more elastic second-tier targets under high oil price expectations. ▪ The Internet Content and Information sector showed overall fluctuations and consolidation, with divergent trends. Tencent Holdings (700.HK) rose 0.68%, supported by a UBS report indicating its "trust advantage" in AI large models, bolstering stock price resilience. Baidu -SW (9888.HK) slightly increased by 0.08%, with expectations for monetization of AI business supporting high valuations. Kuaishou -W (1024.HK) fell 0.25%, with no significant news to stimulate, consolidating with the market. #### **Macroeconomic Background** ▪ The current market focuses on the recovery momentum of the Hong Kong economy. Investors are particularly attentive to the upcoming retail sales and export data to assess the spillover effects of mainland consumption. ▪ The HSBC Manufacturing PMI trend has become a key measure of the vitality of the real economy. ▪ Under the linked exchange rate system, global liquidity changes and Federal Reserve policies remain core points of contention for Hong Kong stocks, with fluctuations in the funding environment worth noting. #### **Popular Stocks** ▪ Baiqin Oil Services (2178.HK) rose 81.51% to HKD 0.265, with a trading volume of HKD 69.5325 million. Driven by improved macro liquidity and speculative funds, this small-cap oil service stock experienced a sharp rebound, with market sentiment exuberant, but caution is needed regarding the risk of a high-level pullback ▪ China Oil and Gas (00603.HK) rose 35.71% to HKD 0.247, with a trading volume of HKD 16.7654 million. Benefiting from expectations of the domestic gas pricing mechanism's advancement, coupled with market rumors involving industry consolidation or privatization, it attracted a large amount of bottom-fishing capital. ▪ Duoxiang Cloud (06696.HK) rose 28.12% to HKD 4.1, with a trading volume of HKD 23.2193 million. The overall recovery in the SaaS and digital marketing sectors has led the market to bet that its AI marketing technology applications will drive advertising business growth during the National Day consumption peak. ▪ Ruichang International Holdings (01334.HK) rose 25.32% to HKD 1.98, with a trading volume of HKD 5.7120 million. As a newly listed stock, it experienced a significant rebound due to oil price fluctuations and expectations of equipment upgrade policies, leading to a noticeable oversold rebound and increased capital attention. ▪ Yabo Technology Holdings (08279.HK) rose 15.52% to HKD 0.67, with a trading volume of HKD 27.7791 million. Following the rebound of Alibaba and the technology sector, the market anticipates that the recovery of Macau's tourism industry and the popularization of electronic payments will drive performance, leading to a valuation recovery. #### **Market Trading Volume TOP10** ▪ SHANDONG MOLONG (00568.HK) latest trading price HKD 14.85, up 58.82%, trading volume HKD 7.876 billion ▪ Tencent Holdings (00700.HK) latest trading price HKD 517.50, up 0.68%, trading volume HKD 7.174 billion ▪ CNOOC (00883.HK) latest trading price HKD 27.36, up 2.32%, trading volume HKD 6.216 billion ▪ Alibaba -W (09988.HK) latest trading price HKD 137.00, up 0.44%, trading volume HKD 5.875 billion ▪ Xiaomi Group -W (01810.HK) latest trading price HKD 32.14, down 3.02%, trading volume HKD 3.624 billion ▪ SINOPEC SSC (01033.HK) latest trading price HKD 1.77, up 32.09%, trading volume HKD 2.568 billion ▪ Yangtze Optical Fibre and Cable (06869.HK) latest trading price HKD 162.90, down 1.87%, trading volume HKD 2.403 billion ▪ PetroChina Company Limited (00857.HK) latest trading price HKD 10.33, up 4.03%, trading volume HKD 2.347 billion ▪ Meituan -W (03690.HK) latest trading price HKD 76.45, down 1.23%, trading volume HKD 2.113 billion ▪ MINIMAX-WP (00100.HK) latest trading price HKD 886.50, up 17.81%, trading volume HKD 2.033 billion ### Related Stocks - [CHINA OILFIELD (02883.HK)](https://longbridge.com/en/quote/02883.HK.md) - [SINOPEC SSC (01033.HK)](https://longbridge.com/en/quote/01033.HK.md) - [SHANDONG MOLONG (00568.HK)](https://longbridge.com/en/quote/00568.HK.md) - [CNOOC (00883.HK)](https://longbridge.com/en/quote/00883.HK.md) - [CHK OIL (00632.HK)](https://longbridge.com/en/quote/00632.HK.md) - [UNITEDENERGY GP (00467.HK)](https://longbridge.com/en/quote/00467.HK.md) - [TENCENT (00700.HK)](https://longbridge.com/en/quote/00700.HK.md) - [BIDU-SW (09888.HK)](https://longbridge.com/en/quote/09888.HK.md) - [KUAISHOU-W (01024.HK)](https://longbridge.com/en/quote/01024.HK.md) - [PETRO-KING (02178.HK)](https://longbridge.com/en/quote/02178.HK.md) - [CHINA OIL & GAS (00603.HK)](https://longbridge.com/en/quote/00603.HK.md) - [MANY IDEA CLOUD (06696.HK)](https://longbridge.com/en/quote/06696.HK.md) - [RUICHANG INTL (01334.HK)](https://longbridge.com/en/quote/01334.HK.md) - [AGTECH HOLDINGS (08279.HK)](https://longbridge.com/en/quote/08279.HK.md) ## Related News & Research - [China's Search Giant Baidu Struggles With Weak Ad Spending Despite AI Push](https://longbridge.com/en/news/277056050.md) - [J.P. 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