--- title: "The Hong Kong stock market is stagnant, and the Hang Seng Index has no clear direction." type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/40162201.md" description: "Hong Kong stocks had no highlights in April, with trading volume falling back to 250 billion HKD. The Hang Seng Index currently has a monthly fluctuation of two thousand points. Overseas markets like the S&P 500 and Nikkei hit record highs, with the latter's 60,000 points being particularly surprising. Although Hong Kong stocks have support from northbound capital, the previous pattern of catching up on declines is no longer evident, showing stagnation. The Hang Seng Index is neither being pushed up nor adjusting, showing no strength even in trying to lead a bull up a tree. As mentioned on Monday - if conflict resurges, 25900/25500 are the support levels below. The former fell to 25629 yesterday afternoon and this morning, hitting the low for the week from Friday to now. Weekly option holders sigh on expiration day, as out-of-the-money options are not a favorable strategy..." datetime: "2026-04-24T05:56:39.000Z" locales: - [en](https://longbridge.com/en/topics/40162201.md) - [zh-CN](https://longbridge.com/zh-CN/topics/40162201.md) - [zh-HK](https://longbridge.com/zh-HK/topics/40162201.md) author: "[期权六艺](https://longbridge.com/en/profiles/25852913.md)" --- # The Hong Kong stock market is stagnant, and the Hang Seng Index has no clear direction. Hong Kong stocks had no highlights in April, with turnover falling back to HKD 250 billion. The Hang Seng Index currently has a monthly fluctuation of 2000 points. Overseas markets like the S&P and Nikkei hit record highs, with the latter surprisingly reaching 60,000 points. Although Hong Kong stocks are supported by northbound capital, the previous pattern of chasing laggards is no longer evident. The Hang Seng Index is neither pushing higher nor correcting, showing a lack of strength even to "lead a cow up a tree". As mentioned on Monday - if conflict resumes, 25900/25500 are the support levels below. The former fell to 25629 this morning after yesterday afternoon, hitting the low for the week from Friday. Weekly option holders sighed on expiration day, as weekly options are not an advantageous strategy. Next week, the Hang Seng Index will depend on the Middle East situation. If stable, it could charge above 26200 to benefit the Wednesday April derivatives settlement day. The lower support depends on the strength of northbound capital. The Hang Seng Index is unpredictable, and veteran market commentators also say less to avoid mistakes. If the 25400 support is tested, it could also fall back to 25000. Range-bound trading with no trend is suitable for short-term speculation. Long positions in Hang Seng Index options control low costs, but a few days of time value is not enough to consume quickly if volatility is insufficient. This week's Hang Seng Index weekly straddle, by Thursday afternoon at 25850, only reached half of the 22-point cost. During night trading and this morning, it fell below 25700, and the 25600PUT was closed at 30 points, roughly breaking even. No volatility or delayed volatility is unfavorable for long options, especially straddles. At this time, the advantage of low cost becomes apparent. A 22-point cost of a thousand dollars is low pressure and can be held. If it were multiple positions with costs of several dozen points, it would be difficult to withstand the erosion of option premium in the final period. There are only four trading days next week. The straddle will continue to be entered in the afternoon. From the second half of 2025 to now, it has been 39 consecutive weeks with 29 wins, 5 draws, and 5 losses. Not doubling doesn't count as a win. Straddles require accumulated experience, and exchanging and sharing can help avoid detours. We can share experiences together.$Hang Seng Index(00HSI.HK) ### Related Stocks - [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) - [07300.HK](https://longbridge.com/en/quote/07300.HK.md) - [02800.HK](https://longbridge.com/en/quote/02800.HK.md) ## Comments (8) - **老王爱钓鱼 · 2026-04-24T06:35:16.000Z**: The Hong Kong stock market has been like this in recent years. Trying to force a direction when there's no trend is just throwing money away. I agree with the double-buy strategy, but beginners should be cautious. Just enduring the theta decay alone is enough to deter many people. The OP's point abo - **期权六艺** (2026-04-24T06:47:08.000Z): Time decay is a major challenge for call options, and even more so for straddles. Straddles don't predict direction, but they require experience and skill, all of which come from practice. - **接二连三 · 2026-04-24T06:35:03.000Z**: If 25400 really breaks, will it keep falling all the way to 24800? Recently, overseas markets have been rising while we haven't, but we immediately follow when they fall. It feels like Northbound capital is also tired. Will next week's settlement day be another script where it closes right at the se - **期权六艺** (2026-04-24T06:48:11.000Z): The settlement week is unpredictable, its volatility depends on the institutions' intentions, the settlement week is hard to guess. - **沐澄爸爸～～ · 2026-04-24T06:34:42.000Z**: I agree that "it's not a win unless it doubles." This week is a typical chicken rib market, with the Hang Seng Index seemingly glued at 25800, theta is eating away at profits. I usually cut my positions before the market closes on Friday if the target isn't met; holding over the weekend feel - **期权六艺** (2026-04-24T06:50:05.000Z): The win-loss ratio only makes sense when you double your money. Northbound capital is currently doing some buying low and selling high, not pushing prices up too much, and there are few followers. - **数据即信仰 · 2026-04-24T06:34:29.000Z**: I've been following this straddle strategy for a few weeks now, it's indeed stable, but I always struggle to time the entry correctly 😭 OP, do you set up your positions right at Monday's open, or do you wait and watch the volatility first? I only entered last Thursday afternoon and ended up getting - **期权六艺** (2026-04-24T06:51:20.000Z): Entered weekly options on Monday, there are still a few days to roll for time value, and the cost is low to offset theta decay.