Market Overview
Hong Kong stocks closed collectively lower today, with all three major indices showing significant pullbacks after reaching a stage high yesterday, indicating a profit-taking trend in the market.
▪ The Hang Seng Index fell 1.44% to close at 26,381.02 points, temporarily departing from yesterday's high, with bullish sentiment cooling.
▪ The Hang Seng Tech Index led the market decline, closing down 2.87% at 5,109.33 points, significantly giving back yesterday's gains.
▪ The National Enterprises Index also declined, falling 2.44% to 8,814.29 points, revealing pressure from high-level adjustments.
Sector Performance
▪ The retail sector showed an overall downward trend, with leading retailers experiencing broad declines, reflecting a gloomy market sentiment and overall sector pressure. Alibaba -W (9988.HK) fell 3.57%, with a trading volume of HKD 14.31 billion, indicating heavy selling pressure; Miniso (9896.HK) dropped 5.59%, and JD -SW (9618.HK) fell 2.62%.
▪ The internet content and information sector retreated across the board, with major weighted stocks weakening and the sector performing poorly. Baidu -SW (9888.HK) fell 4.27%, Kuaishou -W (1024.HK) dropped 4.14%, and Tencent Holdings (700.HK) declined 2.01%, as funds chose to exit and observe at high levels.
▪ The diversified banking sector showed mixed trends, supported by HSBC's rise, while domestic bank stocks were relatively weak. HSBC Holdings (5.HK) rose 1.61% against the trend, with a trading volume of HKD 4.394 billion, providing support; meanwhile, China Construction Bank (939.HK) fell 1.6%, and Industrial and Commercial Bank of China (1398.HK) slightly declined by 0.62%.
Macroeconomic Background
▪ The current market is focused on macro recovery signals expected in early 2026. Investors are closely monitoring Hong Kong's GDP growth rate and overall CPI year-on-year to verify the sustainability of economic recovery.
▪ At the same time, the year-on-year M3 money supply and unemployment rate data have become key indicators for assessing liquidity and domestic demand vitality, which will directly guide the direction of short-term valuation recovery for Hong Kong stocks.
Popular Stocks
▪ Nanfang Communication (1617.HK) closed up 42.22%, with a trading volume of HKD 81.515 million. This surge in stock price was accompanied by a significant increase in trading volume, indicating that market funds are actively flowing into low-priced telecom stocks for sector rotation speculation. This trend may attract more speculative funds in the short term, but caution is needed regarding the risk of a pullback without fundamental support.
▪ Mobi Development (947.HK) closed up 44.64%, with a trading volume of HKD 11.4482 million. On February 26, 2026, Mobi Development's stock price surged over 44% with increased volume, breaking through the 52-week high, outperforming the market. This surge aligns with the recent trend of capital inflow into the telecom and technology sectors in the Hong Kong stock market, indicating strong demand for catch-up gains. The strong breakout in stock price may trigger technical buying follow-up, helping to improve the company's short-term market value performance.
▪ Putian Communication Group (1720.HK) closed up 32.81%, with a trading volume of HKD 49.71 million. The stock price reached a new 52-week high, with an increase exceeding 30%
As a strong stock in the telecommunications sector, this stock has been favored by funds for several consecutive days, driving the activity of the entire Hong Kong telecommunications equipment sector. This sustained upward trend indicates the market's optimistic expectations for industry recovery or specific themes, which is expected to enhance the company's visibility in the capital market.
▪ Jihui Holdings (8027.HK) closed up 19.64%, with a transaction amount of HKD 8,080,000. As a GEM stock, this unusual movement is mainly influenced by the overall speculation atmosphere of low-priced stocks, lacking clear company positive announcements for support. The sharp fluctuations of such low liquidity stocks remind investors to be cautious of the potential liquidity risks brought by high volatility.
Market Transaction Amount TOP10
▪ Alibaba -W (09988.HK) latest transaction price HKD 143.00, down 3.57%, transaction amount HKD 14.31 billion
▪ Tencent Holdings (00700.HK) latest transaction price HKD 512.00, down 2.01%, transaction amount HKD 13.216 billion
▪ HSBC Holdings (00005.HK) latest transaction price HKD 145.00, up 1.61%, transaction amount HKD 4.394 billion
▪ Xiaomi Group -W (01810.HK) latest transaction price HKD 35.18, down 1.18%, transaction amount HKD 4.356 billion
▪ Ping An of China (02318.HK) latest transaction price HKD 67.85, down 4.64%, transaction amount HKD 4.125 billion
▪ Yangtze Optical Fibre and Cable (06869.HK) latest transaction price HKD 135.20, up 2.97%, transaction amount HKD 4.027 billion
▪ Semiconductor Manufacturing International Corporation (00981.HK) latest transaction price HKD 67.60, down 3.22%, transaction amount HKD 3.887 billion
▪ Hong Kong Exchanges and Clearing (00388.HK) latest transaction price HKD 415.40, up 0.78%, transaction amount HKD 3.437 billion
▪ Meituan -W (03690.HK) latest transaction price HKD 80.45, down 2.72%, transaction amount HKD 3.250 billion
▪ Kuaishou -W (01024.HK) latest transaction price HKD 63.60, down 4.14%, transaction amount HKD 3.091 billion

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Hong Kong stocks experienced a collective pullback today, with the three major indices retreating after reaching highs. The Hang Seng Index closed down 1.44%, and the Hang Seng Tech Index plummeted 2.87%. On the market, tech stocks and retail stocks showed weakness, with significant declines in heavyweight stocks like Alibaba and Kuaishou; bank stocks exhibited mixed performance, with HSBC Holdings rising 1.61% against the trend, supporting the market. Funds have not completely withdrawn, as the telecommunications equipment sector was in demand, with NANFANG COMM and MOBI DEV seeing significant price increases. On the macro front, the market is closely monitoring economic data from early 2026 to assess the sustainability of the recovery

- Hong Kong stocks experienced a collective pullback today, with the Hang Seng Index dropping 1.44% to close at 26,381.02 points after recent highs.  
- The Hang Seng Tech Index fell 2.87%, indicating significant profit-taking, while retail and internet sectors also showed declines amid a subdued market mood.  
- Investors are focusing on macroeconomic signals for early 2026, watching GDP growth and inflation rates to assess economic recovery and stock valuation trends.

Market Heartbeat

NANFANG COMM

HSBC HOLDINGS

JD-SW

BABA-W

MNSO

TENCENT

KUAISHOU-W

BIDU-SW

ICBC

MOBI DEV

PUTIAN COMM

KPM HOLDING

KraneShares 2x Long BABA Daily ETF

Alibaba

Hang Seng Index

ISHARESHSI

Hong Kong Stock Market Closing | The Hang Seng Index fell by 1.44%, the Tech Index plummeted by 2.87%, Alibaba's decline exceeded 3%, and NANFANG COMM surged over 42%