---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40129387.md"
description: "Hong Kong Stock Market Close on April 23: Oil & Gas and Power Equipment Defy Market Downturn, Tech, Airlines, and Gold PlungeOn April 23, all three major Hong Kong stock indices closed lower. The Hang Seng Index fell 0.95% to 25,915.20 points; the Hang Seng Tech Index dropped 1.98% to 4,865.52 points; and the Hang Seng China Enterprises Index declined 0.79% to 8,732.63 points. The total turnover for the day was HK$255.379 billion. The market showed clear divergence, with the oil & gas and power equipment sectors leading gains against the trend, while technology, airlines, and gold sectors were among the biggest decliners.Top GainersOil & Gas Sector: Shandong Molong Petroleum Machinery surged over 10%, PetroChina Company Limited rose over 4%, and CNOOC Limited gained nearly 3%. Ongoing geopolitical conflicts continue to disrupt oil and gas transportation through the Strait of Hormuz, with supply concerns pushing up oil prices, attracting capital to the sector.Power Equipment: Harbin Electric rose 8.85%, Weichai Power gained 6.76%, and Northeast Electric Development increased 3.80%. Benefiting from growing overseas demand and a strengthened rationale for international expansion, the sector performed strongly.Top DeclinersTech Stocks: Hua Hong Semiconductor fell 5.87%, Biren Technology dropped over 7%, and Axera Technology declined nearly 7%. High-growth tech stocks faced selling pressure, with the Hang Seng Tech Index leading the decline among the three major indices.Airlines: China Eastern Airlines fell 6.10%, Air China dropped 4.82%, and China Southern Airlines declined 4.45%. High ticket prices suppressed travel demand, compounded by rising fuel costs due to geopolitical conflicts, putting pressure on airline earnings.Gold Stocks: Chifeng Jilong Gold Mining fell 6.72%, Lingbao Gold Group dropped 5.69%. A cooling of safe-haven sentiment and a pullback in gold prices weighed on the sector.Automotive Stocks: XPeng Group fell 6.41%, Leapmotor dropped 7.99%, and Geely Automobile declined 4.98%. Intensifying industry competition and sales falling short of expectations dragged down the sector's performance.Market Core LogicExternal geopolitical conflicts persist. The US-Iran ceasefire has been extended but without a set deadline, keeping supply risks in the Strait of Hormuz alive, supporting the oil & gas sector. Internally, capital preferences have shifted towards defensive plays, leading to selling in high-growth sectors like technology, indicating a decline in market risk appetite.$Hang Seng Index(00HSI.HK) $Hang Seng China Enterprises Index(HSCEI.HK) $Hang Seng TECH Index(STECH.HK) $Shandong Molong(002490.SZ) $HARBIN ELECTRIC(01133.HK) $HUA HONG SEMI(01347.HK) $CHINA EAST AIR(00670.HK)"
datetime: "2026-04-23T08:57:05.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40129387.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40129387.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40129387.md)
author: "[價值研究社](https://longbridge.com/en/profiles/27380279.md)"
---

# Hong Kong Stock Market Close on April 23: Oil &amp…


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