--- title: "\"Market Review\" Hong Kong stocks rebound, northbound capital net outflow of 27.7 billion, Alibaba \"six consecutive declines\"" type: "News" locale: "en" url: "https://longbridge.com/en/news/277913322.md" description: "The Hang Seng Index rebounded today after three consecutive days of decline, closing up 71 points at 25,321 points. Northbound capital saw a net outflow of 27.735 billion yuan, the highest level since August 2025. Alibaba's stock price fell by 2.8%, while financial stocks performed well, with HSBC and Standard Chartered rising by 2.4% and 2%, respectively. The market is focused on the progress of the Israel-Iran war and changes in U.S. bond yields. Premier Li Qiang proposed a target for China's economic growth of 4.5% to 5% for 2026 at the National People's Congress" datetime: "2026-03-05T09:25:32.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277913322.md) - [en](https://longbridge.com/en/news/277913322.md) - [zh-HK](https://longbridge.com/zh-HK/news/277913322.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/277913322.md) | [繁體中文](https://longbridge.com/zh-HK/news/277913322.md) # "Market Review" Hong Kong stocks rebound, northbound capital net outflow of 27.7 billion, Alibaba "six consecutive declines" After three consecutive trading days of decline (a total drop of 1,381 points or 5.2%), the Hang Seng Index rebounded today (5th) along with external markets, while the Korea Composite Stock Price Index (KOSPI) also rebounded by 9.6%. The market is focused on the progress of the Israel-Iran war, with the Dow Jones and Nasdaq rising 0.5% and 1.3% respectively overnight. At the time of writing, the yield on the U.S. 2-year Treasury bond rose to 3.562%, the yield on the U.S. 10-year Treasury bond rose to 4.117%, and the U.S. dollar index rose to 98.84. The latest Dow futures rose by 44 points or 0.09%, and Nasdaq futures rose by 52 points or 0.2%. Premier Li Qiang delivered a government work report at the National People's Congress, stating that China's economic growth is expected to be 4.5% to 5% in 2026, fostering the development of future industries such as "AI+" quantum technology and 6G, and arranging 200 billion yuan in ultra-long-term special government bond funds to support large-scale equipment upgrades. The Shanghai Composite Index rose by 26 points or 0.6%, closing at 4,108 points, the Shenzhen Component Index rose by 1.2%, and the ChiNext Index rose by 1.7%, with a total trading volume of 2.39 trillion yuan in the Shanghai and Shenzhen markets. The Hang Seng Index opened 334 points higher this morning, initially rising by 487 points to a high of 25,736 points, but later fell by 12 points to a low of 25,236 points in the afternoon, closing up 71 points or 0.3% at 25,321 points; the Hang Seng China Enterprises Index fell by 32 points or 0.4%, closing at 8,451 points; the Hang Seng Tech Index fell by 33 points or 0.7%, reporting 4,796 points. The total trading volume for the day was 321.872 billion HKD. The total trading volume of northbound trading was 150.557 billion HKD, while southbound funds had a net outflow of 27.735 billion HKD (compared to a net inflow of 466 million HKD on the previous trading day), marking the highest level since August 15, 2025 (when there was a net outflow of 35.876 billion HKD). The Tracker Fund of Hong Kong (02800.HK) closed unchanged at 25.5 HKD for the day, with a trading volume of 38.176 billion HKD, and the short-selling ratio dropped to 13.671% (compared to a 3-day average of 30.746%). Financial stocks rose, with HSBC Holdings (00005.HK) and Standard Chartered (02888.HK) rising by 2.4% and 2% respectively, and AIA (01299.HK) rising by 5.1% to close at 85.1 HKD, making it the blue-chip stock with the largest increase. 【Northbound funds outflow 27.735 billion】 Tech stocks faced selling pressure, with Alibaba (09988.HK) declining by 2.8% to close at 126.3 HKD, marking six consecutive trading days of decline (a total drop of 14.8%), with a trading volume of 18.11 billion HKD and a short-selling ratio of 16.072% (compared to a 5-day average of 14.143%). Tencent (00700.HK) fell by 0.8% to close at 502 HKD. Pharmaceutical stocks performed well, with China National Pharmaceutical Group (01177.HK), Heng Rui Medicine (01276.HK), Junshi Biosciences (01877.HK), WuXi AppTec (02268.HK), and Kanglong Chemical (03759.HK) rising by 2.9% to 3.6% However, healthcare platform stocks were under pressure, with Alibaba Health (00241.HK) falling 2.5% to close at HKD 4.97, and JD Health (06618.HK) dropping 6.2% to close at HKD 47.5, making it the blue-chip stock with the largest decline. JD Health announced its performance for last year after the market closed, reporting a revenue of RMB 73.441 billion, an annual increase of 26.3%, and a net profit of RMB 5.375 billion, an annual increase of 29.2%; earnings per share were RMB 1.7. No dividend was declared. During the period, non-International Financial Reporting Standards operating profit increased by 68.9% year-on-year to RMB 4.39 billion; the previous year's non-International Financial Reporting Standards profit rose by 36.3% to RMB 6.533 billion. Credit Lyonnais published a report earlier this month estimating that JD Health's non-International Financial Reporting Standards profit for the previous year was RMB 6.294 billion, with an estimated net profit of RMB 4.839 billion and revenue of RMB 72.405 billion. 【1,300 Stocks Rising】 The Hong Kong stock market showed improvement, with a rise-to-fall ratio of 32 to 19 for main board stocks (compared to 13 to 41 the previous day), and 1,339 stocks rising (an increase of 3.1%). Today, 46 constituent stocks of the Hang Seng Index rose, while 40 fell, with a rise-to-fall ratio of 52 to 45 (compared to 10 to 89 the previous day). The market recorded short selling of HKD 51.428 billion, accounting for 18.397% of the total turnover of shortable stocks, which was HKD 279.547 billion. Power equipment stocks were favored, with Weichai Power (02338.HK) and XianDao Intelligent (00470.HK) rising by 5.4% and 6.1%, respectively. Power equipment stocks Harbin Electric (01133.HK) and Dongfang Electric (01072.HK) surged by 10% and 17.6%, respectively. 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