Hong Kong Stocks Closing Review: Hang Seng Index drops 2%, tech giants all break below key levels, airline stocks plunge 20% in 4 days, and a power company stock soars and doubles

Gelonghui, March 4 — The market continues to focus on Middle East conflicts, with the three major Hong Kong stock indices closing lower again and hitting recent lows during intraday trading. Near the end of the session, the declines narrowed, and all closed with long lower shadows, suggesting a possible short-term stabilization. By the close, the Hang Seng Index fell 2.01% to 25,249 points, the China Enterprises Index dropped 1.45%, and the Hang Seng Tech Index declined 0.96%.

Specifically, large tech stocks, which serve as market barometers, all declined, with Alibaba, Baidu, JD.com, and Tencent hitting new lows for the period during trading. Major financial stocks (banks, insurance, securities), state-owned enterprises, and other large-cap stocks continued to be under pressure. Global gold and silver markets were impacted, with oil and gold stocks, as safe-haven sectors, experiencing significant declines today. Among them, small-cap stocks like Enlink Midstream International plunged 11.67%. As Middle East conflicts led to the suspension of most flights between Dubai and other destinations, airline stocks continued to fall, with China Eastern Airlines dropping over 6% and a cumulative decline of over 20% over the past four days.

On the other hand, the explosive growth in AI computing power has driven demand, leading to strong performance in power equipment stocks. Small-cap stocks like Northeast Electric nearly doubled during intraday trading and ultimately closed up about 32%. Global electrolytic aluminum capacity disruptions affected 9%, and institutions are optimistic about aluminum sector prospects. Aluminum stocks rose against the trend, while military, storage concept stocks, and coal stocks showed some activity. (Gelonghui)