---
title: "The Hang Seng Index fell 656 points in half a day, firmly defending the 25,000 mark. Three newly listed blue chips plummeted, while oil service stocks surged before narrowing their gains｜Hong Kong stock market opening"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/278327779.md"
description: "The Hang Seng Index fell 656 points in the half-day session, closing at 25,101 points, with a turnover of HKD 21.93 billion. Major blue-chip stocks such as HSBC and AIA dropped 3.6% and 5.5% respectively, while Alibaba fell 4%. The newly listed blue-chip Luoyang Molybdenum plummeted 6.8%, performing the worst. Among oil stocks, CNOOC and PETROCHINA rose 7% and 3.6% respectively, becoming the market highlights. Some AI concept stocks rose against the trend, with MINIMAX up 4%"
datetime: "2026-03-09T04:50:32.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278327779.md)
  - [en](https://longbridge.com/en/news/278327779.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278327779.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/278327779.md) | [繁體中文](https://longbridge.com/zh-HK/news/278327779.md)


# The Hang Seng Index fell 656 points in half a day, firmly defending the 25,000 mark. Three newly listed blue chips plummeted, while oil service stocks surged before narrowing their gains｜Hong Kong stock market opening

Due to concerns over soaring oil prices triggering a global market downturn, the Hang Seng Index opened 681 points lower this morning, at one point dropping 851 points to a low of 24,906 points, falling below the 25,000-point mark. However, there was support at the low, and the mid-session decline narrowed to 566 points, reaching a high of 25,191 points before falling again. It closed at 25,101 points, down 656 points or 2.55%, with a half-day turnover of HKD 219.3 billion. As for the Tech Index, it closed at 4,831 points, down 115 points or 2.34%.

Among the heavyweight blue-chip stocks, HSBC (005) and AIA (1299) fell 3.6% and 5.5% respectively, dragging down Alibaba (9988) by 4%, which contributed to the decline of the Hang Seng Index's three major stocks. Additionally, Ping An (2318) and Tencent (700) also fell 5% and 1.6% respectively.

## Luoyang Molybdenum fell nearly 7%, worst-performing blue-chip of the half-day

In terms of stock price fluctuations, Luoyang Molybdenum (3993), which just officially became a blue-chip, plummeted 6.8%, making it the worst-performing blue-chip of the half-day. New World Development (016), Geely (175), and Hang Lung Properties (101) also fell over 6%. The other two newly added blue-chips also declined, with Zhaojin Mining (6181) down 4.9% and CATL (3750) down 4.4%.

In contrast, oil stocks supported the market, with CNOOC (883) and PetroChina (857) rising 7% and 3.6% respectively, along with coal stock China Shenhua (1088) rising 4.5%, making them the standout blue-chips. Additionally, BYD (1211), Mengniu (2319), and Meituan (3690) saw gains ranging from 0.1% to 0.5%, also managing to hold their ground.

## Shandong Molong once rose 97%, half-day increase of 50%

In terms of sector performance, oil and related service stocks were the market focus, but generally surged and then retreated. Aside from CNOOC and PetroChina, Sinopec (632) once rose over 70%, but only increased by 33% by half-day; Shandong Molong (568) once rose 97%, but only increased by 49% by half-day; and Baqian Oil Services (2178) once rose 57%, but only increased by 36% by half-day.

Moreover, some AI concept stocks continued to be favored against the market trend, with MINIMAX (100) rising 4% by half-day, while Zhizhu (2513) fell 3.5%. As for Wuyi Vision (6651), which was just included in the Hong Kong Stock Connect today, it rose 5.2%, and Envision Intelligent (3696) also rose 3.6%, while Qingsong Health (2661) surged by 10%.

Related articles: Blue-chips and new Northbound funds officially debut on Monday. Will the old shop follow the bubble and encounter the "curse"? Two AI stocks are favored.

——————

The Middle East conflict shows no signs of cooling, and no oil tankers can pass through the Strait of Hormuz, causing international oil prices to surge by as much as 20%, with Brent crude oil temporarily rising over 17% to USD 108.65; WTI crude oil temporarily rose over 19% to USD 108.31. All three major U.S. stock index futures are down, with declines ranging from 2% to 2.4%. Gold, considered a safe-haven asset, also fell, dropping over 2% to about USD 5,066.

In the Asia-Pacific stock market, the Nikkei 225 index is down nearly 6.8%, at 51,841 points; the Korean stock market fell over 7.7%, at 5,152 points. The Hong Kong Hang Seng Index opened at 25,075 points, down 681 points or 2.65%. Analysts suggest that as market expectations for a quick resolution to the Middle East conflict fade, the Hang Seng Index may test around 24,500 points Tech stocks are falling, with Tencent (700) down 3.2%; Alibaba (9988) down 4.2%; Meituan (3690) down 3.2%; JD.com (9618) down 3.8%; Xiaomi (1810) down 2.2%; and Baidu (9888) down over 6%. Among other blue-chip stocks, Zijin (2899) is down 5.3%, and HSBC (005) is also down by half.

Oil stocks, on the other hand, are rising against the trend, with CNOOC (883) up 8%; PetroChina (857) up 7%; and Sinopec (632) up 15%; in the oil service sector, Shandong Molong (568) and Bakin Oilfield Services (2178) are both up nearly 15%.

## Zhi Yaohui: Major fluctuations are inevitable this week

Zhi Yaohui, director of the research department at Yaocai Securities, stated that last Friday, the Hang Seng Index night futures were over 400 points lower than the Hong Kong stock market closing, coupled with the adjustment of the Hang Seng Index constituent stocks, making it highly likely that the Hong Kong stock market will open lower today, with relatively large fluctuations expected. The situation in the Middle East remains unclear, which is believed to continue to trouble the global financial market, especially as the conflict has driven up oil prices, raising market concerns about crude oil supply and inflation factors. It is expected that the Hong Kong stock market will experience significant fluctuations this week, with the Hang Seng Index likely moving between 25,000 and 26,000 points.

## Zeng Yongjian: The Hang Seng Index may test 24,500 points

Zeng Yongjian, vice chairman of the Hong Kong Stock Analysts Association, stated that the global stagflation risk brought about by the situation in the Middle East is accelerating the market's risk asset liquidation. The Hong Kong stock market is unlikely to escape selling pressure in the short term, and the Hang Seng Index may test 24,500 points. Last week, the market had hoped for a quick resolution to the conflict in the Middle East, leading to a technical rebound in the stock market, including Hong Kong stocks. However, it did not meet expectations, as U.S. President Trump indicated that the conflict may take 4 to 5 weeks, and the market is gradually digesting the positive news from China's Two Sessions. In the absence of market expectations, the chances of significant ups and downs in the Hong Kong stock market this week will decrease.

## U.S. stock trading begins Daylight Saving Time

Looking ahead to this week, the United States will begin Daylight Saving Time today (9th), and U.S. stock trading hours and economic data release times will be moved forward by one hour. China will release its February CPI and PPI data on Monday, followed by the General Administration of Customs releasing import and export data for January and February the next day. According to earlier reports from domestic media, market institutions expect China's February CPI year-on-year median to be 0.8%, and the PPI year-on-year median to be -1.1%. Overall, inflation is expected to slowly rise in 2026. Additionally, the Two Sessions in China, which began last week, will conclude this week.

The non-farm payroll data released in the U.S. last Friday was unexpectedly weak, causing the market to delay predictions for U.S. interest rate cuts again. However, this week, the U.S. will release important data including February CPI; the "Fed's favorite inflation indicator" January core PCE data; and last year's fourth-quarter real GDP, among other key data. It remains to be seen whether the aforementioned data will change the market's existing predictions for U.S. interest rate cuts. Additionally, Fed official Bowman will also give a speech this week, which may involve future interest rate cut messages.

Currently, it is the March earnings season for Hong Kong stocks, with important companies such as CATL (3750), Cathay Pacific (293), Li Auto (2015), Nio (9866), and Swire Properties (1972) set to announce their latest earnings this week Related articles: Oil prices surge dragging down global stock markets | Gu Tianhou

Ask yourself 3 questions before buying | Tang Niu

Blue chips and new Northern Water stocks officially debut on Monday. Will the old shops follow the bubble and encounter the "curse"? Two AI stocks are favored

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