--- title: "The Hang Seng Index fell 140 points, Alibaba dropped nearly 3%, KNOWLEDGE ATLAS rose 7%. Experts: With the easing of the Middle East situation, the stock market is unlikely to decline significantly. || Hong Kong stock market closing" type: "News" locale: "en" url: "https://longbridge.com/en/news/282170491.md" description: "The Hang Seng Index closed at 25,752 points, down 140 points, affected by the situation in the Middle East, with Hong Kong stocks opening lower and continuing to decline. Alibaba's stock price fell by 2.8%, dragging down the market, while technology stocks generally retreated. Oil stocks such as CNOOC rose due to a rebound in oil prices. Domestic property stocks performed weakly, with Longfor down 5.6%" datetime: "2026-04-09T09:51:22.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282170491.md) - [en](https://longbridge.com/en/news/282170491.md) - [zh-HK](https://longbridge.com/zh-HK/news/282170491.md) --- # The Hang Seng Index fell 140 points, Alibaba dropped nearly 3%, KNOWLEDGE ATLAS rose 7%. Experts: With the easing of the Middle East situation, the stock market is unlikely to decline significantly. || Hong Kong stock market closing Israel continues airstrikes on Lebanon, and reports indicate that Iran has once again closed the Strait of Hormuz. The uncertain situation in the Middle East is affecting financial market trends, with Asian stock markets weakening after a strong rebound in recent days. The Hong Kong stock market also opened lower and continued to decline, with the Hang Seng Index closing at 25,752 points, down 140 points. The total market turnover fell to HKD 244.9 billion, while northbound capital took the opportunity to buy on dips, resulting in a net inflow of HKD 12.593 billion. After opening 137 points lower, the Hang Seng Index fell as much as 240 points, but found support at lower levels, narrowing the decline to 39 points after hitting the bottom. However, towards the end of the trading session, the market was dragged down by some tech stocks giving back gains, and the Hang Seng Index ultimately closed at 25,752 points, down 140 points. The National Index closed at 8,611 points, down 65 points; the Tech Index closed at 4,821 points, down 101 points or 2.1%. ## Alibaba single stock drags Hang Seng Index down by 55 points Previously strong tech stocks saw more declines than gains, with heavyweight stock Alibaba (9988) announcing adjustments to its AI-related organization, yet its stock price still fell by 2.8%, closing at HKD 122.9, dragging the market down by 55 points; its affiliate Alibaba Health (241) plummeted by 5.1%, closing at HKD 4.65. Kuaishou (1024) dropped by 3.6%, closing at HKD 45.02; Xiaomi (1810) decreased by 4.3%, closing at HKD 31.36. Tencent (700) saw its major shareholder Naspers' internet flagship Prosus sell about 13 million shares of Tencent in the first quarter of this year, while not reducing its stake in Meituan (3690) during the same period. Tencent slightly rose by 0.1%, closing at HKD 508.5; Meituan fell by 0.6%, closing at HKD 88. ## CNOOC rebounds by 2% following oil price rise With the uncertain developments in the Middle East, international oil prices rebounded, and oil-related stocks followed suit. CNOOC (883) rebounded by 2.1%, closing at HKD 26.66; PetroChina (857) rose by 2%, closing at HKD 10.77; Yanchang Petroleum International (346) increased by 2.4%, closing at HKD 0.42; oil equipment stock Shandong Molong (568) surged by 10.5%, closing at HKD 8.88. ## Domestic property under pressure, Longfor drops over 5% lagging blue chips Morgan Stanley has a bearish outlook on the domestic property sector, predicting that the second quarter may still underperform the market, leading to weakness in most domestic property stocks. Longfor (960), which had its target price cut to HKD 8 by Morgan Stanley, plummeted by 5.6%, closing at HKD 7.43, making it the worst-performing blue chip; Vanke (2202) fell by 2.3%, closing at HKD 2.91; China Overseas (688) dropped by 2.2%, closing at HKD 11.73; China Resources Land (1109), which Morgan Stanley is optimistic about, also fell by 0.3%, closing at HKD 29.38. According to foreign reports, Chinese officials are considering some support measures to help domestic airlines overcome the current difficulties caused by significant fluctuations in oil prices, with the relief measures potentially being the largest since the pandemic. However, airline stocks continued to weaken, with China Southern Airlines (1055) down by 2.8%, closing at HKD 4.16; Air China (753) down by 2.8%, closing at HKD 4.92; China Eastern Airlines (670) down by 2.5%, closing at HKD 3.92. ## Newly listed stocks XunCe surges by 24% Some newly listed stocks are experiencing renewed speculation. Knowledge Atlas (2513) rose by 7%, closing at HKD 929.5; Bairun Technology (6082) increased by 5.2%, closing at HKD 34.36; XunCe (3317) skyrocketed by 23.9%, closing at HKD 288, reaching a new high since its listing In terms of individual stocks, Green Tea Group (6831) saw its major shareholder Partners Gourmet sell 106 million shares, accounting for approximately 15.96% of the total issued shares, resulting in a 10.7% drop in Green Tea's stock price, closing at HKD 7.92. Haixi New Drug (2637) reported smooth clinical progress for its new drug HXP056, which is expected to fill the gap in the global oral treatment market for retinal diseases, causing the stock to soar 9.2% against the market trend, closing at HKD 206. Nio (9866) is set to officially unveil its new flagship SUV ES9, with Nio's stock price rising 2.2% to close at HKD 51.85. ## East Asia's Chan Wai Chung: If ceasefire progresses, Hang Seng Index expected at 26,500 points Chan Wai Chung, Senior Investment Strategist at East Asia Securities, stated that the main reasons for the decline in Hong Kong stocks include Israel's attacks on Lebanon, raising market concerns about instability in the Middle East, and a significant cumulative rise on Wednesday leading to a technical adjustment in Hong Kong stocks. He continued to point out that although the outlook for the Middle East situation is not yet clear, a temporary ceasefire and negotiations indicate that the U.S. and Iran "have something to discuss," suggesting that the situation in the Middle East is unlikely to worsen in the short term. Therefore, under the basic scenario, as the situation in the Middle East gradually eases, Brent crude oil prices are expected to fall below USD 90 per barrel. In this context, the Hang Seng Index has limited room for further significant declines, with a short-term possibility of testing 25,000 points, but the likelihood of breaking below the earlier low of around 24,200 points is low. Additionally, if there is clear progress on the ceasefire between the U.S. and Iran, the Hang Seng Index is expected to rebound to the range of 26,200 to 26,500 points. * * * The situation in the Middle East continues to affect market sentiment, with Israel attacking Lebanon and Iran closing the Strait of Hormuz to tanker traffic. The Hang Seng Index opened 136 points lower this morning and at one point fell 239 points, reaching a low of 25,653 points. The market gradually recovered some ground, with the decline narrowing to 40 points; the Hang Seng Index closed down 91 points or 0.35% at 25,801 points, with a turnover of HKD 126.652 billion. ## Xiaomi and Kuaishou both drop over 3% The Tech Index fell 62 points or 1.26%, closing at 4,861 points. Tech stocks showed mixed performance, with Tencent (700) up 0.88%; Meituan (3690) up 0.05%; Alibaba (9988) down 2.76%; Xiaomi (1810) and Kuaishou (1024) down 3.17% and 3.55%, respectively. Several "AI semi-new stocks" performed well against the market trend, with Ruizhi (3317) up 15%; Zhipu (2513) up 13%, both reaching new highs since their listing; MINIMAX (100) also rose 3.7%. ## Zijin down 2%, China Silver down 4% With the Middle East situation unresolved, CNOOC (883) and PetroChina (857) rose 1.53% and 1.32%, respectively, while Shandong Molong (568) surged over 8%. Gold and silver-related stocks declined, with Zijin Mining (2899) and Zijin Gold International (2259) both down 2%; China Silver (815) fell 4%. ## Hongqiao receives favorable ratings from major firms, up 5% Hongqiao (1378) rose 5.19% to HKD 39.3, as Citigroup raised its target price from HKD 36 to HKD 48, giving it a "Buy" rating. Meanwhile, China Aluminum (2600), which announced a "positive profit alert," rose 3.14% --- 0930: The U.S. and Iran announced a temporary ceasefire for two weeks earlier and plan to hold the first round of talks in Islamabad, Pakistan, on Saturday (11th), which triggered a sharp drop in oil prices and a rebound in the three major U.S. stock indices. The Dow Jones rose 1,325 points or 2.85% to 47,909 points; the S&P 500 rose 165 points or 2.51% to 6,782 points; the Nasdaq rose 617 points or 2.8%. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, rose over 3% to 6,876 points. ## The "Negotiation Basis" Between the U.S. and Iran Has Been Destroyed However, Iranian Parliament Speaker Mohammad Bagher Ghalibaf stated that three key clauses of the ten ceasefire terms proposed by Iran have been violated, and the "negotiation basis" has been destroyed. At the same time, after Israel's attack on Lebanon, Iran also halted the passage of oil tankers through the Strait of Hormuz. As a result, international oil prices rebounded, with WTI crude oil futures and Brent crude oil futures both rising over 3%, while spot gold prices fell nearly 0.4% to around $4,700. ## Meeting Minutes: The U.S. Faces "Bilateral Risks" On the other hand, the U.S. Federal Reserve released the minutes of the March meeting last night, indicating that some officials believe the conflict in Iran poses "bilateral risks" to the U.S. economy. On one hand, a prolonged conflict may impact the labor market and necessitate interest rate cuts, but the rising inflation risk may simultaneously require interest rate hikes. In Hong Kong stocks, the Hang Seng Index opened down 136 points at 25,756 points. Tech stocks generally declined, with Alibaba (9988) opening down 2.7%; Tencent (700) down 0.3%; Meituan (3690) down 1.4%; JD.com (9618) down 1.7%; Xiaomi (1810) also down 1.3%. Additionally, Kuaishou (1024) fell over 2.5%. Oil-related stocks rebounded, with CNOOC (883) up 1.3%, but PetroChina (857) remained unchanged; in the oil service sector, Shandong Molong (568) rose 6%, and Bakin Oilfield Services (2178) rose 7.7%. ## Link REIT Sells Retail Property in Singapore In individual stock news, Link REIT (823) announced it will sell its retail property "Swing By @ Thomson Plaza" in Singapore for SGD 250 million (approximately HKD 1.54 billion), with the transaction expected to be completed in the second quarter of this year. The group's Chief Investment Officer, Song Junyan, stated that this sale will realize the value-added results of Link REIT's assets, and with funds exceeding short-term needs, it will allow for a return of capital to fund unit holders. The stock opened at HKD 37.7, up 0.3%. ## Chalco Expects Profit Increase of Up to 58% China Aluminum (2600) issued a profit warning, expecting a net profit of RMB 5.302 billion to RMB 5.585 billion for the first quarter of this year, an increase of 50% to 58% year-on-year; the net profit excluding non-recurring gains and losses is expected to be RMB 5.137 billion to RMB 5.42 billion, an increase of 49% to 58% year-on-year. The stock opened at HKD 12.4, unchanged. ## Green Tea Faces Major Shareholder Selling Shares Green Tea Group (6831) faced major shareholder Partners Gourmet selling a total of 106 million shares, accounting for approximately 15.96% of the total issued shares, with the placement expected to be completed by April 13 The stock opened at HKD 8.85, down 0.2%. In terms of northbound capital flow, there was a net sell of HKD 21.574 billion in Hong Kong stocks yesterday, with Alibaba (9988), Kuaishou (1024), and Pop Mart (9992) receiving net purchases of HKD 1.999 billion, HKD 299 million, and HKD 297 million respectively; while the Tracker Fund of Hong Kong (2800), Xiaomi (1810), and Chengdu Xinguang (6869) experienced net sells of HKD 8.876 billion, HKD 2.421 billion, and HKD 1.783 billion respectively ### Related Stocks - [02513.HK](https://longbridge.com/en/quote/02513.HK.md) - [600938.CN](https://longbridge.com/en/quote/600938.CN.md) - [00883.HK](https://longbridge.com/en/quote/00883.HK.md) ## Related News & Research - [Higher oil prices on a Middle East escalation could spur rate hike expectations](https://longbridge.com/en/news/281848474.md) - [Shell trims first quarter gas output view amid Middle East disruption](https://longbridge.com/en/news/281996054.md) - [Don't get too excited. 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