"Hong Kong Stocks" Hang Seng Index drops 318 points in half a day, energy stocks surge while real estate stocks are under pressure

The International Energy Agency (IEA) agreed to release 400 million barrels of oil, but international oil prices rose again, and U.S. stock futures fell. The Hong Kong stock market fluctuated downward in the early session. The Hang Seng Index opened down 179 points, initially rising 33 points to a high of 25,932 points before falling again, at one point dropping 374 points to 25,524 points, closing down 318 points or 1.2% at 25,579 points; the National Index fell 63 points or 0.7% to 8,641 points; the Hang Seng Tech Index fell 60 points or 1.2% to 4,994 points. The total turnover of the market for half a day was HKD 131 billion.

In the oil sector, PetroChina (00857.HK) and CNOOC (00883.HK) rose 2.4% and 3.4%, respectively, while oil equipment stock Shandong Molong (00568.HK) surged 13.1%, with a turnover exceeding HKD 2.9 billion. Coal stocks Shenhua (01088.HK) rose 3.1%, Yanzhou Coal (01171.HK) and China Coal (01898.HK) rose 8.5% and 5.9%. However, coal equipment stock Sany International (00631.HK) fell 6.4%. In the new energy sector, Datang New Energy (01798.HK) rose 4.6%, while GCL-Poly Energy (03800.HK) fell 2.6%. Aluminum stocks Hongqiao (01378.HK) and Chalco (02600.HK) rose 3.8% and 5.2%, while resource stocks Minmetals Resources (01208.HK) and China Molybdenum (03993.HK) fell 3.3% and 5.5%. Gold stocks Shandong Gold (01787.HK), Zhaojin (01818.HK), and Lingbao (03330.HK) fell 3.1% to 4.2%, while Zijin Mining International (02259.HK) fell 5%.

Inflation concerns weighed on real estate and utility stocks. Hang Lung Properties (00012.HK), Sun Hung Kai Properties (00016.HK), Cheung Kong Holdings (01113.HK), Swire Properties (01972.HK), CLP Holdings (00006.HK), and MTR Corporation (00066.HK) fell 3% to 3.5%, while Sino Land (00083.HK) and Wharf Real Estate (01997.HK) fell 4.1% and 4.6%. Conglomerates CK Hutchison Holdings (00001.HK) and Swire Pacific A (00019.HK) also fell over 2%.

In the technology sector, Tencent (00700.HK) and NetEase (09999.HK) fell 1.1% and 1.2%, respectively, while Meituan (03690.HK) and Kuaishou (01024.HK) fell 1.7% and 2.1%. Alibaba (09988.HK) and Baidu (09888.HK) fell 2.3% and 2.5%, while JD.com (09618.HK) rose 0.2%. Additionally, Bilibili (09626.HK), Xindong (02400.HK), Tencent Music (01698.HK), and NetEase Cloud Music (09899.HK) fell 3.3% to 3.9%. AI stocks Zhiyu (02513.HK) and MiniMax (00100.HK) fell 5.2% and 2.5%, while Inspur (03696.HK) fell 4.5%. Among chip stocks, SMIC (00981.HK) fell 1.3%, while Hua Hong (01347.HK) rose 1.8% In the pharmaceutical sector, Kanglong Chemical (03759.HK) and Eli Lilly (LLY.US) reached a production cooperation agreement for Orforglipron, with the stock price rising by 7.7%. CSPC Pharmaceutical (01093.HK) fell by 5.2%, while WuXi Biologics (02269.HK), Weigao (01066.HK), Innovent Biologics (01801.HK), and 3SBio (01530.HK) dropped between 3.2% and 3.7%.

In the financial sector, HSBC (00005.HK), Hong Kong Exchanges and Clearing (00388.HK), and AIA (01299.HK) declined by 0.8% to 1.5%. Domestic insurance stocks such as China Pacific Insurance (02601.HK), China Life (02628.HK), and PICC (01339.HK) each fell by over 2%. The Securities and Futures Commission and the Independent Commission Against Corruption searched the premises of Guotai Junan International (01788.HK) on Tuesday (10th) and detained one employee, causing Guotai Junan International to drop by 5% to HKD 2.49. Guotai Haitong (02611.HK) fell by 5.6%.

In other stocks, power equipment stocks Dongfang Electric (01072.HK) and Harbin Electric (01133.HK) fell by 4.6% and 5%, respectively. JD Industrial (07618.HK) dropped by 7.2%