---
title: "HK Stocks Close | Hang Seng Tech Index Rises Nearly 3%, Semiconductors Lead Gains, Oil & Gas Stocks Plunge as PETROCHINA Drops Over 8%"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285509101.md"
description: "Hong Kong stocks closed on May 7 with all three major indices rising. The Hang Seng Tech Index led the market with a 3.09% gain. The AI wave continues to build momentum; Tencent's impressive large model data drove strength across key tech and internet stocks, while Kuaishou surged over 7%. Better-than-expected earnings from overseas computing giants, combined with NVIDIA's increased investment in the optical supply chain, catalyzed strong gains in semiconductors, fiber optics, and PCB sectors. Conversely, expectations of a US-Iran ceasefire weighed on international oil prices, causing traditional energy stocks including oil, gas, and coal to plunge against the trend. Additionally, prominent investor Duan Yongping's portfolio adjustment spurred intraday activity in Pop Mart, while Deepexi Technology saw heavy volume and a surge of over 50%"
datetime: "2026-05-07T08:13:01.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285509101.md)
  - [en](https://longbridge.com/en/news/285509101.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285509101.md)
---

# HK Stocks Close | Hang Seng Tech Index Rises Nearly 3%, Semiconductors Lead Gains, Oil & Gas Stocks Plunge as PETROCHINA Drops Over 8%

**Market Overview**

▪ HK stocks closed higher, with all three major indices rising;

▪ The Hang Seng Index closed at 26,624.28 points, up 1.57%;

▪ The Hang Seng Tech Index closed at 5,121.10 points, up 3.06%;

▪ The SOE Index closed at 8,919.48 points, up 1.35%.

**Sector Performance and Hot Stocks**

**Tech and Internet Stocks Rally Across the Board; Large Model Progress Boosts Investor Confidence**

▪ Kuaishou-W (01024.HK) surged 7.38% to HK$48.32; Alibaba-W (09988.HK) rose 4.62%; Baidu Group-SW (09888.HK) gained 4.33%; JD.com-SW (09618.HK) advanced 2.32%; Meituan-W (03690.HK) climbed 1.82%.

▪ Tencent Holdings (00700.HK) rose 3.24%, buoyed by positive developments such as a surge in calls for its Hunyuan large model and its rise to the top in market share. The market holds optimistic expectations for the commercial implementation of domestic AI large models.

**Semiconductor Supply Chain Surges; Optical Communication and PCB Sectors Advance in Tandem**

▪ Montage Technology (06809.HK) jumped 9.76% to HK$353; Hua Hong Semiconductor (01347.HK) soared 8.22%; SMIC (00981.HK) rose 2.40%.

▪ The optical communication and PCB sectors attracted significant capital inflows. YOFC (06869.HK) rose 6.83%; Kingboard Laminates (01888.HK) gained 7.23%; FIT Hon Teng (06088.HK) rose nearly 9%.

**Oil, Gas, and Coal Stocks Plunge Amid Ceasefire Expectations**

▪ PETROCHINA (00857.HK) plummeted 8.30% to HK$10.71; CNOOC (00883.HK) fell 5.85%; China Shenhua (01088.HK) dropped 3.90%.

**Insurance Stocks Show Strength; Individual Stocks Active**

▪ China Life Insurance (02628.HK) rose 4.55%; Ping An Insurance (02318.HK) gained 3.04%.

▪ Pop Mart (09992.HK) rose 3.84%, after prominent investor Duan Yongping revealed he had swapped his position in China Shenhua for Pop Mart.

▪ Deepexi Technology (01384.HK) saw unusual activity with heavy volume throughout the day, surging 50.90% to HK$65.4.

**Macro Background**

▪ On the news front, the tech and energy sectors faced divergent macroeconomic drivers.

▪ Regarding technology and computing power, the latest earnings reports from Arm and Coherent both exceeded revenue expectations, confirming the high prosperity of the global AI computing supply chain. Meanwhile, NVIDIA's third move this year to secure the optical communication supply chain further strengthened the market's bullish consensus on the structural explosion in demand for AI computing hardware and fiber optic interconnects.

▪ In the energy sector, sources in Pakistan stated that the US and Iran are close to reaching a memorandum of understanding for a ceasefire. Expectations of the reopening of the Strait of Hormuz and the lifting of sanctions caused Brent crude prices to quickly fall back to around $101. Market concerns about the energy supply chain eased significantly, directly dragging down energy stocks into sharp declines.

**Top 10 by Turnover**

▪ Tencent Holdings (00700.HK) Last traded at HK$478.00, up 3.24%, with turnover of HK$17.7 billion

▪ Tracker Fund of Hong Kong (02800.HK) Last traded at HK$26.76, up 1.75%, with turnover of HK$15.3 billion

▪ Alibaba-W (09988.HK) Last traded at HK$140.40, up 4.62%, with turnover of HK$14.3 billion

▪ SMIC (00981.HK) Last traded at HK$76.65, up 2.40%, with turnover of HK$10.9 billion

▪ Hua Hong Semiconductor (01347.HK) Last traded at HK$140.80, up 8.22%, with turnover of HK$6.0 billion

▪ Kuaishou-W (01024.HK) Last traded at HK$48.32, up 7.38%, with turnover of HK$5.4 billion

▪ CNOOC (00883.HK) Last traded at HK$26.40, down 5.85%, with turnover of HK$4.8 billion

▪ Hang Seng China Enterprises Index ETF (02828.HK) Last traded at HK$91.46, up 1.28%, with turnover of HK$4.7 billion

▪ YOFC (06869.HK) Last traded at HK$231.40, up 6.83%, with turnover of HK$4.6 billion

▪ Pop Mart (09992.HK) Last traded at HK$162.30, up 3.84%, with turnover of HK$4.3 billion

### Related Stocks

- [00883.HK](https://longbridge.com/en/quote/00883.HK.md)
- [561980.CN](https://longbridge.com/en/quote/561980.CN.md)
- [159546.CN](https://longbridge.com/en/quote/159546.CN.md)
- [159636.CN](https://longbridge.com/en/quote/159636.CN.md)
- [00HSI.HK](https://longbridge.com/en/quote/00HSI.HK.md)
- [HSCEI.HK](https://longbridge.com/en/quote/HSCEI.HK.md)
- [STECH.HK](https://longbridge.com/en/quote/STECH.HK.md)
- [00700.HK](https://longbridge.com/en/quote/00700.HK.md)
- [01347.HK](https://longbridge.com/en/quote/01347.HK.md)
- [06809.HK](https://longbridge.com/en/quote/06809.HK.md)
- [01024.HK](https://longbridge.com/en/quote/01024.HK.md)
- [09988.HK](https://longbridge.com/en/quote/09988.HK.md)
- [00857.HK](https://longbridge.com/en/quote/00857.HK.md)
- [00981.HK](https://longbridge.com/en/quote/00981.HK.md)
- [07709.HK](https://longbridge.com/en/quote/07709.HK.md)
- [07747.HK](https://longbridge.com/en/quote/07747.HK.md)
- [ARM.US](https://longbridge.com/en/quote/ARM.US.md)
- [COHR.US](https://longbridge.com/en/quote/COHR.US.md)
- [09888.HK](https://longbridge.com/en/quote/09888.HK.md)
- [09618.HK](https://longbridge.com/en/quote/09618.HK.md)
- [03690.HK](https://longbridge.com/en/quote/03690.HK.md)
- [06869.HK](https://longbridge.com/en/quote/06869.HK.md)
- [01888.HK](https://longbridge.com/en/quote/01888.HK.md)
- [06088.HK](https://longbridge.com/en/quote/06088.HK.md)
- [02476.HK](https://longbridge.com/en/quote/02476.HK.md)
- [06166.HK](https://longbridge.com/en/quote/06166.HK.md)
- [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md)
- [LITE.US](https://longbridge.com/en/quote/LITE.US.md)
- [GLW.US](https://longbridge.com/en/quote/GLW.US.md)
- [02628.HK](https://longbridge.com/en/quote/02628.HK.md)
- [02318.HK](https://longbridge.com/en/quote/02318.HK.md)
- [01299.HK](https://longbridge.com/en/quote/01299.HK.md)
- [00001.HK](https://longbridge.com/en/quote/00001.HK.md)
- [00005.HK](https://longbridge.com/en/quote/00005.HK.md)
- [01088.HK](https://longbridge.com/en/quote/01088.HK.md)
- [03750.HK](https://longbridge.com/en/quote/03750.HK.md)
- [09992.HK](https://longbridge.com/en/quote/09992.HK.md)
- [00669.HK](https://longbridge.com/en/quote/00669.HK.md)
- [01384.HK](https://longbridge.com/en/quote/01384.HK.md)
- [02800.HK](https://longbridge.com/en/quote/02800.HK.md)
- [02828.HK](https://longbridge.com/en/quote/02828.HK.md)
- [TCEHY.US](https://longbridge.com/en/quote/TCEHY.US.md)
- [80700.HK](https://longbridge.com/en/quote/80700.HK.md)
- [HTCD.SG](https://longbridge.com/en/quote/HTCD.SG.md)
- [TCTZF.US](https://longbridge.com/en/quote/TCTZF.US.md)
- [688347.CN](https://longbridge.com/en/quote/688347.CN.md)
- [688008.CN](https://longbridge.com/en/quote/688008.CN.md)
- [81024.HK](https://longbridge.com/en/quote/81024.HK.md)
- [BABA.US](https://longbridge.com/en/quote/BABA.US.md)
- [89988.HK](https://longbridge.com/en/quote/89988.HK.md)
- [HBBD.SG](https://longbridge.com/en/quote/HBBD.SG.md)
- [601857.CN](https://longbridge.com/en/quote/601857.CN.md)
- [HPCD.SG](https://longbridge.com/en/quote/HPCD.SG.md)
- [600938.CN](https://longbridge.com/en/quote/600938.CN.md)
- [80883.HK](https://longbridge.com/en/quote/80883.HK.md)
- [HSMD.SG](https://longbridge.com/en/quote/HSMD.SG.md)
- [688981.CN](https://longbridge.com/en/quote/688981.CN.md)
- [89888.HK](https://longbridge.com/en/quote/89888.HK.md)
- [BIDU.US](https://longbridge.com/en/quote/BIDU.US.md)
- [89618.HK](https://longbridge.com/en/quote/89618.HK.md)
- [JD.US](https://longbridge.com/en/quote/JD.US.md)
- [83690.HK](https://longbridge.com/en/quote/83690.HK.md)
- [MPNGY.US](https://longbridge.com/en/quote/MPNGY.US.md)
- [HMTD.SG](https://longbridge.com/en/quote/HMTD.SG.md)
- [601869.CN](https://longbridge.com/en/quote/601869.CN.md)
- [603083.CN](https://longbridge.com/en/quote/603083.CN.md)
- [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md)
- [601628.CN](https://longbridge.com/en/quote/601628.CN.md)
- [82318.HK](https://longbridge.com/en/quote/82318.HK.md)
- [601318.CN](https://longbridge.com/en/quote/601318.CN.md)
- [PNGAY.US](https://longbridge.com/en/quote/PNGAY.US.md)
- [81299.HK](https://longbridge.com/en/quote/81299.HK.md)
- [AAGIY.US](https://longbridge.com/en/quote/AAGIY.US.md)
- [CKHUY.US](https://longbridge.com/en/quote/CKHUY.US.md)
- [DTIW.SG](https://longbridge.com/en/quote/DTIW.SG.md)
- [HSBA.UK](https://longbridge.com/en/quote/HSBA.UK.md)
- [HSBC.US](https://longbridge.com/en/quote/HSBC.US.md)
- [601088.CN](https://longbridge.com/en/quote/601088.CN.md)
- [HCCD.SG](https://longbridge.com/en/quote/HCCD.SG.md)
- [300750.CN](https://longbridge.com/en/quote/300750.CN.md)
- [HPPD.SG](https://longbridge.com/en/quote/HPPD.SG.md)
- [TTNDY.US](https://longbridge.com/en/quote/TTNDY.US.md)

## Related News & Research

- [Long semiconductor short software trade may start to unwind in short-term: Fairlead's Katie Stockton](https://longbridge.com/en/news/285247930.md)
- [DeepSeek's valuation is nearly $45 billion, ushering in new development opportunities for domestic AI.](https://longbridge.com/en/news/285389419.md)
- [Birol: Canada Should Expand Oil Export Routes to New Global Markets](https://longbridge.com/en/news/285598116.md)
- [TRUMP TELLS ABC NEWS: 'THE CEASEFIRE IS GOING. IT'S IN EFFECT'](https://longbridge.com/en/news/285631922.md)
- [Hedge Funds Launch Biggest Tech Stock Pullback In Over 10 Years— What's Going On?](https://longbridge.com/en/news/285067715.md)