Hong Kong Stock Market Trend | The Hang Seng Index's decline narrowed to over 100 points at one point, with domestic bank stocks performing well

With the investment market keeping a close eye on the situation in the Middle East, Hong Kong stocks opened lower and then drifted down in today’s Hang Seng Index futures settlement; the Hang Seng Index kept regaining ground during the afternoon session and at one point was only down by about 100 points. It is currently fluctuating around the 24,700 level.

After opening with a gap-down of 419 points this morning, the Hang Seng Index fell as much as 542 points early on, hitting a low of 24,409. Then, as the Shanghai Composite Index probed a bottom and rebounded, the selloff in Hong Kong shares narrowed significantly; the Hang Seng Index was down 224 points for the half-day. The market’s decline continued to narrow in the afternoon session, breaking above the early-session high and at one point was only down 140 points, reaching a high of 24,811. As of 3:19 pm, the Hang Seng Index was down 272 points, or 1.09%, to 24,679; the China Enterprises Index was down 80 points, or 0.95%, to 8,373; the Tech Index underperformed, latest down 106 points, or 2.22%, to 4,671.

Tech stocks generally traded lower: Tencent (00700) was down 2.2% to 482.4 yuan; Xiaomi (01810) was down 2.1% to 32.3 yuan; Meituan (03690) was down 1.7% to 84.4 yuan; Alibaba (09988) was down 1.6% to 120.7 yuan; and Baidu (09888) was down 2.7% to 105.5 yuan.

Mainland Chinese bank stocks made gains against the trend: Industrial and Commercial Bank of China (01398) rose 1.8% to 6.74 yuan; China Construction Bank (00939) rose 1.5% to 8.21 yuan; China Merchants Bank (03968) rose 0.9% to 49.4 yuan; and Bank of China (03988) rose 0.6% to 4.89 yuan.

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