---
title: "The Hang Seng Index closed down 348 points, AI application stocks were favored against the trend, and new Hong Kong Stock Connect stocks were speculated, with XunCe soaring by 50% | Hong Kong Stock Market Opening"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/278366596.md"
description: "The Hang Seng Index closed down 348 points, influenced by the situation in the Middle East, with international oil prices surpassing $100, leading to a general decline in Asian stock markets. Hong Kong stocks once fell by 851 points, hitting a low of 24,906 points, but due to significant buying from northbound capital and some AI application stocks rising against the trend, it ultimately closed at 25,408 points. The trading volume increased to HKD 392.3 billion, with northbound capital turning into an inflow of HKD 37.214 billion. Some oil stocks rose against the trend, with CNOOC up 3.3% and PetroChina up 2.3%. Most blue-chip newcomers weakened, with China Molybdenum down 5.2%"
datetime: "2026-03-09T09:42:22.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278366596.md)
  - [en](https://longbridge.com/en/news/278366596.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278366596.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/278366596.md) | [繁體中文](https://longbridge.com/zh-HK/news/278366596.md)


# The Hang Seng Index closed down 348 points, AI application stocks were favored against the trend, and new Hong Kong Stock Connect stocks were speculated, with XunCe soaring by 50% | Hong Kong Stock Market Opening

Under the influence of the Middle East situation, the Strait of Hormuz continues to be blocked, stimulating international oil prices to rise above the $100 mark, reaching the highest level since July 2022. Amid concerns over soaring oil prices, Asian stock markets fell sharply, especially in Japan, South Korea, and Taiwan, which are highly dependent on oil imports. The Hong Kong stock market was also dragged down by external factors, with the Hang Seng Index once dropping 851 points or 3.3%, falling below the 25,000 mark, the lowest since the end of August last year. However, significant buying from northbound funds and some AI application stocks and oil stocks saw speculative activity, providing support for the Hong Kong stock market. The Hang Seng Index stabilized its decline towards the end of the day, closing at 25,408 points, down 348 points, regaining the 25,000 mark.

## Market turnover increased to HKD 392.3 billion

The Hang Seng Index opened 682 points lower this morning and fell as much as 851 points to 24,906 points, breaching the 25,000 mark. After hitting the bottom, it rebounded immediately, ultimately closing at 25,408 points, down 348 points. The Hang Seng China Enterprises Index closed at 8,581 points, down 46 points; the Tech Index closed at 4,941 points, down 5 points. The index rebalancing took effect, and market turnover increased to HKD 392.3 billion, the highest since mid-October last year. Northbound funds reversed the outflow trend, turning into a net inflow of HKD 37.214 billion, the largest single-day net inflow on record.

## G7 reportedly releasing oil reserves, oil price gains narrow

U.S. crude oil and Brent crude once reached levels of $119, but it was later reported that the Group of Seven (G7) and Japan would release emergency oil reserves. Although the rise in international oil prices narrowed, they still increased by more than 10%. Some oil stocks rose against the trend, with CNOOC (883) up 3.3%, closing at HKD 27.5; PetroChina (857) up 2.3%, closing at HKD 10.64; other oil-related stocks also received support. Sinopec (632) surged 19.5%, closing at HKD 0.52; Shandong Molong (568) soared 25.1%, closing at HKD 10.38; and Baker Hughes (2178) rose 41%, closing at HKD 0.265.

Related article: G7 reportedly meeting to discuss releasing oil reserves, with the U.S. and three other countries expected to support, narrowing the rise in oil prices.

## New blue-chip stocks weaken, Luoyang Molybdenum falls by half

With the index rebalancing taking effect, most new blue-chip stocks weakened, with Luoyang Molybdenum (3993) plummeting 5.2%, closing at HKD 20.3; Zhaojin Mining (6181) down 4%, closing at HKD 635.5; CATL (3750) down 1.9%, closing at HKD 503; new blue-chip stock Beike (2423) also fell 1.7%, closing at HKD 42.72; Horizon Robotics (9660) dropped 4.8%, closing at HKD 7.31. However, many new stocks in the Hong Kong Stock Connect performed well, with Wuyi Vision (6651) up 7.4%, closing at HKD 48.9; SenseTime (3696) up 7.1%, closing at HKD 59.45; Relax Health (2661) up 16.7%, closing at HKD 101.1; and Xunqi (3317) soaring 52.4%, closing at HKD 115.8.

Last Friday, tech stocks surged with mixed results. Alibaba (9988) fell 1.5%, closing at HKD 128.7; Kuaishou (1024) down 1.5%, closing at HKD 60.55; Tencent (700) plans to participate as a passive financial investor in the Paramount Skydance acquisition of Warner Bros Discovery, with Tencent down 0.6%, closing at HKD 516; JD.com (9618) fell 1%, closing at HKD 105.5. However, Meituan (3690) rose 2.4%, closing at HKD 78.7.

Related article: Tencent reportedly participates in Paramount's acquisition of Warner, involving hundreds of millions of dollars.

## Airline stocks sold off, Cathay Pacific down over 5%

With high oil prices, the market is concerned about airlines raising prices, leading to a sell-off in airline stocks. Cathay Pacific (293) dropped 5.1%, closing at HKD 12.18; Air China (753) fell 3.7%, closing at HKD 5.68; China Southern Airlines (1055) dropped 2%, closing at HKD 4.81; China Eastern Airlines (670) fell 2.9%, closing at HKD 4.38.

With the rising popularity of OpenClaw in mainland China, AI application stocks are favored against the trend. Kingsoft Cloud (3896) rose 13.7%, closing at HKD 7.32; MiniMax (100) surged 23.8%, closing at HKD 997, nearing the HKD 1,000 mark; Zhihui (2513) rose 8.1%, closing at HKD 575.

Related article: OpenClaw craze erupts in mainland China, supported by Shenzhen's initiatives, related stocks surge, MiniMax rises nearly 20%.

In terms of individual stocks, three newly listed stocks recorded two declines and one rise. Youlesai Shared (2649) closed at HKD 6.2, down 43.6% from the IPO price of HKD 11, resulting in a loss of HKD 2,400 per lot excluding handling fees; Aston (2715) closed at HKD 12.9, down 16% from the IPO price of HKD 15.36, resulting in a loss of HKD 492 per lot; only Zhaowei Electromechanical (2692) rose 2.4% from the IPO price of HKD 71.28, resulting in a profit of HKD 172 per lot.

—————

1215: Triggered by concerns over soaring oil prices leading to a global market downturn, the Hang Seng Index opened down 681 points this morning and at one point fell by 851 points, hitting a low of 24,906 points, falling below 25,000 points. However, there was support at the low point, and the mid-session decline narrowed to 566 points, reaching a high of 25,191 points before falling again. At noon, it closed at 25,101 points, down 656 points or 2.55%, with a half-day turnover of HKD 219.3 billion. In terms of the tech index, it closed at 4,831 points, down 115 points or 2.34%.

Among heavyweight blue-chip stocks, HSBC (005) and AIA (1299) fell 3.6% and 5.5% respectively, dragging Alibaba (9988) down 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 down nearly 7%, worst-performing blue-chip at noon

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 at noon. 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 Lao Pu Gold (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 most outstanding blue-chips. Additionally, BYD (1211), Mengniu (2319), and Meituan (3690) rose between 0.1% and 0.5%, also being rare blue-chips that managed 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. Apart from CNOOC and PetroChina, China National Petroleum (632) once rose over 70%, with a half-day increase of only 33%; Shandong Molong (568) once rose 97%, with a half-day increase of only 49%; and Baikin Oil Services (2178) once rose 57%, with a half-day increase of 36%.

In addition, some AI concept stocks continued to be favored against the market trend, with MINIMAX (100) rising 4% in half a day, while Zhipu (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 Inspur (3696) also rose 3.6%, while Qingsong Health (2661) rose by 10%.

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

——————

0930: The Middle East conflict shows no signs of easing, and no oil tankers can pass through the Strait of Hormuz, stimulating international oil prices to soar by 20% at one point, with Brent crude oil temporarily rising over 17% to $108.65; WTI crude oil temporarily rising over 19% to $108.31. The three major U.S. stock index futures are all down, with declines ranging from 2% to 2.4%. Gold, considered a safe-haven asset, also fell, dropping over 2% to about $5,066.

In the Asia-Pacific stock market, the Nikkei 225 index is down nearly 6.8%, at 51,841 points; South Korea's 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 generally down, with Tencent (700) opening 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, however, are rising against the trend, with CNOOC (883) up 8%; PetroChina (857) up 7%; and China National Petroleum (632) up 15%; in the oil service sector, Shandong Molong (568) and Baikin Oil Services (2178) both rose nearly 15%.

## Zhi Yaohui: Major Fluctuations This Week Are Inevitable

Zhi Yaohui, Director of Research 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, and with the adjustment of the Hang Seng Index constituent stocks taking effect, the possibility of a lower opening for Hong Kong stocks today is high, and the volatility may be relatively large. The situation in the Middle East remains unclear, which is expected to continue to trouble global financial markets, especially as the conflict drives up oil prices, raising concerns about crude oil supply and inflation factors. It is anticipated that the Hong Kong stock market will experience significant fluctuations this week, with the Hang Seng Index expected to fluctuate between 25,000 and 26,000 points.

## Zeng Yongjian: 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 Middle East situation is accelerating the market's risk asset liquidation. It is difficult for Hong Kong stocks 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 Middle East conflict, leading to a technical rebound in the stock market, including Hong Kong stocks, but in reality, it did not meet expectations. U.S. President Trump stated that the conflict may take 4 to 5 weeks With the market gradually digesting the positive news from China's Two Sessions, the chances of significant fluctuations in Hong Kong stocks this week will decrease due to a lack of market expectations.

## U.S. Stock Trading Begins Daylight Saving Time

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

The non-farm payroll data released in the U.S. last Friday unexpectedly disappointed, causing the market to delay its predictions for the timing of U.S. interest rate cuts. However, this week, the U.S. will announce 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 significant data. It remains to be seen whether this data will change the market's current predictions regarding the pace of U.S. interest rate cuts. Additionally, Federal Reserve official Bowman will also deliver a speech this week, which may involve future interest rate cut messages.

Currently, it is the earnings season for Hong Kong stocks in March, with important companies such as Contemporary Amperex Technology Co., Limited (3750), Cathay Pacific Airways (293), Li Auto (2015), Nio (9866), and Swire Properties (1972) set to announce their latest earnings this week.

Related articles: Oil prices surge dragging global stock markets down | Gu Tianhou

Ask yourself 3 questions before buying | Tang Niu

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

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