--- type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/40129871.md" description: "Hong Kong Stock Market Review | HSI Falls Below 26,000 Points; Tech Index Declines for Third Straight Day; Energy Sector OutperformsOn April 23rd, Hong Kong stocks faced renewed pressure, with the Hang Seng Index falling below the key 26,000-point level. Despite overnight record highs in U.S. stocks and the A-share market returning to 4,100 points, Hong Kong stocks failed to follow suit, continuing their adjustment. The HSI opened 64 points lower, dropping over 320 points at its lowest to 25,840 points in early trading. It closed at 25,915 points, down 248 points or 0.95%, marking its lowest close in over a week. The HSCEI fell 69 points or 0.79% to 8,732 points. The Hang Seng Tech Index dropped 98 points or 1.98% to 4,865 points, declining for three consecutive days. Total market turnover was approximately HKD 255.4 billion.Oil and Energy Lead Gains Against Market TrendSector performance diverged significantly. U.S. President Donald Trump stated there is "no timetable" for resolving the U.S.-Iran conflict, reigniting tensions in the Middle East. Barclays noted that the ceasefire agreement has not substantially restored oil and gas transportation through the Strait of Hormuz, with supply disruption risks continuing to support oil prices. The "three barrels of oil" collectively strengthened: PetroChina rose over 4%, and CNOOC gained nearly 3%, both becoming the top-performing blue chips. COOEC surged about 7%, and Shandong Molong rose over 10%.Power equipment stocks benefited from the overseas expansion narrative. Guotai Haitong Securities pointed out that overseas power shortages and AI data center construction are driving domestic gas turbine manufacturers to accelerate their layout in markets like South America and Southeast Asia. Harbin Electric rose over 8%, and Weichai Power gained nearly 7%.Individual Stock HighlightsKingboard Laminates surged over 10% against the market trend, hitting another record high, with a cumulative gain of 78% since April. Citi remains optimistic about sustained supply-demand tightness. Hushang Auntie rose over 12% again, nearly doubling in the past 8 days, mainly due to the controlling shareholder extending the lock-up period. New listing Huaqin Technology debuted at HKD 88, while Longpan Technology rose over 8% after securing a ten-year supply agreement with a Western Australian lithium miner.On the Declining SideTech and internet stocks were broadly under pressure, with nearly all Hang Seng Tech Index constituents falling; only Lenovo recorded a gain. Tencent fell 1.75%, Alibaba dropped 0.84%, Meituan declined 1.36%, JD.com slipped 1.25%, and Kuaishou lost 2.65%.Automotive stocks faced heavy selling pressure: Leapmotor fell nearly 8%, XPeng dropped over 6%, Geely declined about 5%, and BYD fell over 3%. The gold sector was weak: Lingbao Gold fell over 8%, Chifeng Gold dropped nearly 7%, and Zijin International declined over 5%. Chip stocks weakened: Hua Hong Semiconductor fell nearly 6%, Biren Technology dropped over 7%, and Yangtze Optical Fibre and Cable fell over 5%. Biotechnology stocks slumped across the board: Akeso Biopharma fell nearly 13%, and Innovent Biologics dropped about 6%, making it one of the worst-performing blue chips.SummaryHong Kong stocks showed adjustment despite strength in U.S. and A-shares, with short-term sentiment dominated by caution. The oil and energy sector remained strong due to geopolitical support, while tech/internet and automotive stocks were under pressure, indicating clear sector rotation. Analysts suggest closely watching the U.S.-Iran situation in the short term, while focusing on internet leaders with bottoming earnings and recovering sectors like lithium batteries and power equipment in the medium to long term.$Hang Seng Index(00HSI.HK) $Hang Seng TECH Index(STECH.HK) $Hang Seng China Enterprises Index(HSCEI.HK) $KB LAMINATES(01888.HK) $AUNTEA JENNY(02589.HK) $SHANDONG MOLONG(00568.HK) $LOPAL TECH(02465.HK)" datetime: "2026-04-23T09:19:39.000Z" locales: - [en](https://longbridge.com/en/topics/40129871.md) - [zh-CN](https://longbridge.com/zh-CN/topics/40129871.md) - [zh-HK](https://longbridge.com/zh-HK/topics/40129871.md) author: "[老金Kim](https://longbridge.com/en/profiles/26499454.md)" --- # Hong Kong Stock Market Review | HSI Falls Below 26… ### Related Stocks - [01888.HK](https://longbridge.com/en/quote/01888.HK.md) - [09988.HK](https://longbridge.com/en/quote/09988.HK.md) - [BABA.US](https://longbridge.com/en/quote/BABA.US.md) - [89988.HK](https://longbridge.com/en/quote/89988.HK.md) - [00700.HK](https://longbridge.com/en/quote/00700.HK.md) - [TCTZF.US](https://longbridge.com/en/quote/TCTZF.US.md) - [80700.HK](https://longbridge.com/en/quote/80700.HK.md) - [TCEHY.US](https://longbridge.com/en/quote/TCEHY.US.md) - [HBBD.SG](https://longbridge.com/en/quote/HBBD.SG.md) - [HTCD.SG](https://longbridge.com/en/quote/HTCD.SG.md) - [07500.HK](https://longbridge.com/en/quote/07500.HK.md) - [03115.HK](https://longbridge.com/en/quote/03115.HK.md) - [07200.HK](https://longbridge.com/en/quote/07200.HK.md) - [00HSI.HK](https://longbridge.com/en/quote/00HSI.HK.md) - [03690.HK](https://longbridge.com/en/quote/03690.HK.md) - [02589.HK](https://longbridge.com/en/quote/02589.HK.md) - [01347.HK](https://longbridge.com/en/quote/01347.HK.md) - [07300.HK](https://longbridge.com/en/quote/07300.HK.md) - [02800.HK](https://longbridge.com/en/quote/02800.HK.md) - [02338.HK](https://longbridge.com/en/quote/02338.HK.md) - [09618.HK](https://longbridge.com/en/quote/09618.HK.md) - [09868.HK](https://longbridge.com/en/quote/09868.HK.md) - [00857.HK](https://longbridge.com/en/quote/00857.HK.md) - [01133.HK](https://longbridge.com/en/quote/01133.HK.md) - [00148.HK](https://longbridge.com/en/quote/00148.HK.md) - [06869.HK](https://longbridge.com/en/quote/06869.HK.md) - [09926.HK](https://longbridge.com/en/quote/09926.HK.md) - [09863.HK](https://longbridge.com/en/quote/09863.HK.md) - [01801.HK](https://longbridge.com/en/quote/01801.HK.md) - [00883.HK](https://longbridge.com/en/quote/00883.HK.md) - [02465.HK](https://longbridge.com/en/quote/02465.HK.md) - [603906.CN](https://longbridge.com/en/quote/603906.CN.md) - [00568.HK](https://longbridge.com/en/quote/00568.HK.md) - [01211.HK](https://longbridge.com/en/quote/01211.HK.md) - [03330.HK](https://longbridge.com/en/quote/03330.HK.md) - [00992.HK](https://longbridge.com/en/quote/00992.HK.md) - [06693.HK](https://longbridge.com/en/quote/06693.HK.md) - [600988.CN](https://longbridge.com/en/quote/600988.CN.md) - [03296.HK](https://longbridge.com/en/quote/03296.HK.md) - [603296.CN](https://longbridge.com/en/quote/603296.CN.md) - [01024.HK](https://longbridge.com/en/quote/01024.HK.md) - [00175.HK](https://longbridge.com/en/quote/00175.HK.md) - [06082.HK](https://longbridge.com/en/quote/06082.HK.md) - [02883.HK](https://longbridge.com/en/quote/02883.HK.md) - [STECH.HK](https://longbridge.com/en/quote/STECH.HK.md) - [07552.HK](https://longbridge.com/en/quote/07552.HK.md) - [03067.HK](https://longbridge.com/en/quote/03067.HK.md) - [03032.HK](https://longbridge.com/en/quote/03032.HK.md) - [07226.HK](https://longbridge.com/en/quote/07226.HK.md) - [03033.HK](https://longbridge.com/en/quote/03033.HK.md) - [03088.HK](https://longbridge.com/en/quote/03088.HK.md) - [159742.CN](https://longbridge.com/en/quote/159742.CN.md) - [02828.HK](https://longbridge.com/en/quote/02828.HK.md) - [07288.HK](https://longbridge.com/en/quote/07288.HK.md) - [HSCEI.HK](https://longbridge.com/en/quote/HSCEI.HK.md)