--- type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/43483900.md" description: "On Aug 19, the Hang Seng Index's three-day winning streak looked good on the surface, but tech stocks were actually bleeding $Hang Seng Index(00HSI.HK)Today's market was a tale of two halves: the index was in the green, but many portfolios were red — the HSI posted three consecutive days of gains, yet the HSTECH fell over 1%, highlighting extreme sector divergence. The HSI closed at 25,495.07 (+23.92 pts, +0.09%), marking its third straight day of rebound. Meanwhile, the HSTECH dropped 1.21% to close at 4,682.05, with tech stocks undergoing a brutal correction.The worst performers today were the semiconductors and AI hardware that had been shining just yesterday. Hua Hong Semiconductor plunged nearly 12%, while SMIC fell over 3%. Optical communications, power semiconductors, PCBs, and storage concepts collapsed across the board. Cambridge Tech, Yangtze Optical Fibre, and Zhongji Innolight all saw sharp declines. MINIMAX and Zhipu also tumbled. Those who chased highs yesterday are now trapped again. Without incremental capital, sector rotation is simply too fast.The three-day HSI rally was sustained entirely by consumer and banking stocks holding the line.Xiaomi bucked the trend, rising nearly 5%, while New Oriental gained over 4% and Anta Sports also advanced. On the news front, nine ministries including the Ministry of Commerce issued policies to stimulate county-level consumption, boosting the consumer sector.Domestic bank stocks also rallied today. CITIC Bank rose over 2%, and Agricultural Bank of China gained over 2%. Data from the National Financial Regulatory Administration showed that the net interest margin of commercial banks in Q2 was 1.41%, marking the first quarterly QoQ increase in over four years, a solid tailwind for the banking sector. The HSI's ability to turn red was thanks to consumer and banking stocks propping up the market.Baidu fell over 11% today, becoming the worst-performing heavyweight in the HSTECH, while Kuaishou, Lenovo, and Alibaba are also down.Northbound funds turned bearish today, with a net sell-off of HKD 10.6 billion, the highest since April 9. Just yesterday they were net buyers of HKD 14 billion, but today they dumped HKD 10.6 billion, executing a masterclass in high-selling and low-buying. In individual stocks, Tencent still saw net inflows of HKD 320 million, but the overall direction has shifted.The HSI's three-day winning streak lacks substance. While consumer and banking stocks propped up the index, the complete collapse of tech, semiconductors, and AI hardware indicates the market remains in a 存量 (stock) game, with capital rapidly rotating between sectors. The HSTECH fell 1.21% today, wiping out yesterday's gains.I'm keeping my position under 10%, with the same directional bias: AI applications, semiconductors, and gold as core holdings. Semiconductors were hammered today, but the macro logic (storage price hikes, domestic substitution) remains intact. Those holding core positions shouldn't panic, but avoid catching falling knives in the short term. Big consumer and bank stocks rallied today, but chasing highs isn't my style." datetime: "2026-08-19T11:01:15.000Z" locales: - [en](https://longbridge.com/en/topics/43483900.md) - [zh-CN](https://longbridge.com/zh-CN/topics/43483900.md) - [zh-HK](https://longbridge.com/zh-HK/topics/43483900.md) author: "[唔割韭菜](https://longbridge.com/en/profiles/27383081.md)" generator: "portal-rs" --- # On Aug 19, the Hang Seng Index's three-day winning… ### Related Stocks - [00998.HK](https://longbridge.com/en/quote/00998.HK.md) - [01347.HK](https://longbridge.com/en/quote/01347.HK.md) - [00981.HK](https://longbridge.com/en/quote/00981.HK.md) - [01288.HK](https://longbridge.com/en/quote/01288.HK.md) - [09888.HK](https://longbridge.com/en/quote/09888.HK.md) - [00HSI.HK](https://longbridge.com/en/quote/00HSI.HK.md) - [01810.HK](https://longbridge.com/en/quote/01810.HK.md) - [00700.HK](https://longbridge.com/en/quote/00700.HK.md) - [07500.HK](https://longbridge.com/en/quote/07500.HK.md) - [07300.HK](https://longbridge.com/en/quote/07300.HK.md) ## Comments (2) - **幻想日进斗金 · 2026-08-20T03:46:38.000Z**: Can I still trade now? - **卖飞专业** (2026-08-20T03:47:01.000Z): 🪜Just enable it globally --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**