"Hong Kong Stocks" The Hang Seng Index fell 717 points in the half-day, with financial stocks leading the decline, AIA dropped over 5%

AASTOCKS
2026.03.04 04:34

The market continues to focus on the military actions of the United States and Israel against Iran, leading to a rise in oil prices. The Hong Kong stock market fell in the early session, with the Hang Seng Index opening down 298 points and the decline widening to a drop of 804 points, reaching a low of 24,963 points. It closed down 717 points or 2.8% at 25,051 points; the Hang Seng China Enterprises Index fell 206 points or 2.4% to 8,401 points; the Hang Seng Tech Index dropped 95 points or 2% to 4,781 points. The total turnover of the market for the half day was HKD 207.6 billion.

Financial stocks led the decline, with HSBC (00005.HK) down 3.7% at HKD 130.8, AIA (01299.HK) down 5.5% at HKD 80.35, Hong Kong Exchanges and Clearing (00388.HK) and Bank of China Hong Kong (02388.HK) down 2.1% and 2.9%. Domestic insurance stocks such as China Life (02628.HK) fell 6.7%, while China Pacific Insurance (00966.HK), Ping An (02318.HK), and China Taiping (02601.HK) dropped between 4.6% and 5.5%. Domestic bank stocks including China Construction Bank (00939.HK), Agricultural Bank of China (01288.HK), Industrial and Commercial Bank of China (01398.HK), China Merchants Bank (03968.HK), and Bank of China (03988.HK) each fell over 2%. Brokerage stocks such as GF Securities (01776.HK), China International Capital Corporation (03908.HK), CITIC Securities (06030.HK), and China Galaxy Securities (06881.HK) each dropped over 4%.

Commodity stocks fell, with Shandong Gold (01787.HK), Zijin Mining International (02259.HK), Zijin (02899.HK), and Lingbao Gold (03330.HK) each down over 4%, and China Silver (00815.HK) down 5%. Minmetals Resources (01208.HK) saw its annual net profit soar over 2.1 times, with revenue and operating cash flow hitting record highs, yet its stock price fell 5.7%. Among the three major oil companies, Sinopec (00386.HK), PetroChina (00857.HK), and CNOOC (00883.HK) fell between 3.9% and 4.4%. In the oil service sector, CNOOC Services (02883.HK) dropped 7.3%, while shipping stocks COSCO Shipping Holdings (01919.HK) and COSCO Shipping Energy (01138.HK) fell 7% and 11.4%. Pacific Basin Shipping (02343.HK) reported a 56% drop in annual net profit and declared a final dividend of HKD 0.06, with its stock price down 8.7%. Retail gold stocks such as Lao Pu Gold (06181.HK) fell 5.6%.

In the technology sector, Tencent (00700.HK) and Meituan (03690.HK) fell 1.6% and 1.9%, Kuaishou (01024.HK) and Baidu (09888.HK) dropped 2.3% and 2.7%, Bilibili (09626.HK) fell 3.6%, while JD.com (09618.HK) and Alibaba (09988.HK) dropped 4.1% and 4.2%. NetEase (09999.HK) rose 0.7% In addition, Kingsoft Cloud (03896.HK) and Meitu (01357.HK) fell by 4% and 4.1%, while GDS Holdings (09698.HK) dropped by 5.5%. Zhizhu (02513.HK) and MiniMax (00100.HK) rose by 3.9% and 0.4%. In the chip sector, SMIC (00981.HK) and Hua Hong (01347.HK) decreased by 2% and 1.8%, while Days Smart Chip (09903.HK) increased by 3.6%. In the chip equipment sector, ASMPT (00522.HK) rose by 3.3%. In the mobile component sector, Lens Technology (06613.HK) fell by 4.6%. In the wire sector, Yangtze Optical Fibre and Cable (06869.HK) retreated by 6%, while power equipment stock Dongfang Electric (01072.HK) rose by 10.8%.

In the automotive sector, BYD (01211.HK) and Li Auto (02015.HK) fell by 2.7% and 2.5%, while Xiaomi (01810.HK) rose by 1.5%. Nio (09866.HK) and XPeng (09868.HK) dropped by 3.9%. In the smart driving-related stocks, Pony.ai (02026.HK) and Hesai (02525.HK) fell by 6.3% and 10.1%. In the pharmaceutical sector, Weigao (01066.HK), Sanofi (01530.HK), Innovent Biologics (01801.HK), Hansoh (03692.HK), and WuXi Biologics (02269.HK) fell by 4% to 5%. WuXi AppTec (02268.HK), InnoCare (09606.HK), and CanSino (09926.HK) dropped by 5.5% to 7.2%. China National Pharmaceutical Group (01177.HK) has signed an exclusive licensing agreement for Lenvatinib with Sanofi, and the stock fell by 1.6% along with the market.

In the real estate sector, New World (00017.HK) fell by 4.6%, as reports suggest that the Cheng family is unwilling to give up control, causing negotiations with Blackstone for investment to stall. Peers Sun Hung Kai Properties (00016.HK) and Sino Land (00083.HK) fell by 3.4% and 4.1%. Travel-related stocks continued to weaken, with China Eastern Airlines (00670.HK) and Cathay Pacific (00293.HK) dropping by 4.1%, and Samsonite (01910.HK) falling by 5.3%. In the consumer sector, Shenzhou (02313.HK), Haier Smart Home (06690.HK), and Prada (01913.HK) fell by 3.5% to 4.6%.

Techtronic Industries (00669.HK) reported a nearly 7% increase in net profit last year, reaching a record high, and declared a final dividend of HKD 1.32, with the stock price falling by 3% along with the market

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