Hang Seng Index Trend | Falls 432 Points Mid-Day, Breaks Below 26,000 and 10-Day Moving Average

SighingCashier · 2026-03-19T05:31:07+00:00

Federal Reserve Chair Powell stated that inflation control progress has fallen short of expectations, sparking market discussions about rate hikes. U.S. and Asia-Pacific stocks came under pressure, with Hong Kong stocks falling 432 points in the half-day session and breaking below the 26,000 level. Tech stocks such as Tencent and Alibaba declined. Gold mining stocks performed weakly, while some oil stocks rose against the market trend. Xiaomi's stock price recovered and performed relatively well.

SighingCashier

2026-03-19 05:31:07

Abstract generation in progress

Federal Reserve Chair Powell says progress in controlling inflation is not as expected, and internal discussions about possible interest rate hikes have begun. Last night, U.S. stocks and this morning’s Asia-Pacific markets came under pressure. Hong Kong stocks opened lower this morning, with the Hang Seng Index dropping more than 400 points in the first half of the day, losing the 26,000 level and the 10-day moving average (currently at 25,753).

The Hang Seng Index opened down 474 points at 25,550, breaking below the 26,000 level and the 10-day moving average at the open. It fell as much as 522 points, reaching a low of 25,502. The decline eased somewhat afterward, narrowing to 287 points, with a high of 25,737. However, after approaching the 10-day moving average again, selling pressure reemerged. The index closed at 25,592, down 432 points or 1.66% at midday.

The China Enterprises Index fell 115 points or 1.31%, to 8,720; the Tech Index dropped 80 points or 1.58%, to 5,027.

The total market turnover at midday was HKD 1,535.28 billion, with net northbound inflows of HKD 49.61 billion.

Tencent (00700) reported a year-over-year adjusted profit increase of over 16%, but explicitly stated that it will reduce buybacks this year to expand AI development. It fell 5.9% in the first half, trading at HKD 518.

Other tech stocks showed mixed performance. Alibaba (09988), which announced earnings today, declined 3.4% to HKD 133; Kuaishou (01024) fell 5.4% to HKD 55.8; JD.com (09618) dropped 1.5% to HKD 111.1; Meituan (03690) rose 0.7% to HKD 80.85.

HSBC (00005) declined 2.2% to HKD 125.1; China Mobile (00941) fell 0.6% to HKD 79.5; AIA (01299) dropped 1.5% to HKD 83.25. Li Ning (02331) fell 3.2% before earnings, at HKD 19.6.

Focus Sectors

Gold mining stocks: Under pressure, Zijin Mining (02899) fell 8.1% to HKD 34.32, the worst performer among blue chips; Lingbao Gold (03330) dropped 9.1% to HKD 25; Shandong Gold (01787) declined 5% to HKD 33.86; Zijin Gold (02259) fell 7.8% to HKD 169.6.

Oil stocks: Oil prices remain high. CNOOC (00883) rose 3.4% against the trend to HKD 29.26; PetroChina (00857) increased 1.1% to HKD 10.6.

Key Stocks

Xiaomi (01810) announced the large model MiMo-V2-Pro, rising 4.3% in the first half to HKD 36.64, the best performing blue chip in the morning.

COSCO Shipping Ports (01199) doubled its profit last year but significantly reduced dividends. Its stock price fell 10.2% in the first half to HKD 5.65.

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