NewTimeSpace | Hong Kong Market Close: The Three Major Indices Opened Lower and Moved in a Choppy Range, with the Hang Seng Index Closing Down 0.44%, While Themes Such as Automobiles and Parts and Pharmaceuticals and Biotechnology Led the Gains

NewTimeSpace reported, on September 17, 2026, the three major Hong Kong indices opened lower and moved in a choppy range, with the Hang Seng Index down 0.44%, the Hang Seng TECH Index down 0.34%, and the Hang Seng China Enterprises Index down 0.38% The full-day total market turnover was 185.6 billion HKD, higher than that of the previous trading day. Southbound funds saw a net inflow of 3.363 billion HKD.

On the market, by industry. Themes such as automobiles and parts, pharmaceuticals and biotechnology, and paper & packaging led the gains. Themes such as oil and petrochemicals, non-ferrous metals, and construction led the declines.

Among the Hang Seng Index constituents, 37 rose and 56 fell. On the downside, LAOPU GOLD fell 3.0%, ENN ENERGY fell 2.5%, and PETROCHINA fell 2.4%. On the upside, WEICHAI POWER rose 5.4%, BYD COMPANY rose 2.5%, and INNOVENT BIO rose 2.2%.

Among the Hang Seng TECH Index constituents, 13 rose and 17 fell. On the downside, BILIBILI-W fell 3.0%, MEITUAN-W fell 2.1%, TRIP.COM-S fell 2.0%, and SMIC fell 2.0%. On the upside, MINIMAX-W rose 7.1%, ILUVATAR COREX rose 6.7%, and HORIZONROBOT-W rose 2.0%.

Among Hong Kong Stock Connect constituents, GENSCRIPT BIO surged 14.3%, CREALIGHTS surged 13.9%, and METIS TECHBIO-P surged 12.7%. GALAXIS TECH fell 10.4%, TH MEDICAL-B fell 10.1%, and ANDRE JUICE fell 9.9%.

SCS stated that Hong Kong stocks are still dominated by overseas risks, and we believe a cautious, observation-first approach is appropriate.

1. Overseas macro risk factors remain the main line of pricing. The latest US CPI was on the hot side, and the probability of a rate hike in September has risen markedly. What the market is currently trading is no longer just one hike, but whether there will be consecutive hikes, and whether Trump's subsequent statements on fiscal policy and tariffs will keep the long end of US Treasuries under sustained pressure. In our view, based on the data, there is a possibility that the Federal Reserve will not hike, but rate-hike trades in the market are already quite full. If the Federal Reserve stays put, the market will not buy it; if it hikes 25bp as expected, that is a realization of expectations. In either case, if the long end cannot fall back markedly, Hong Kong stocks will come under pressure.

2. Geopolitical uncertainty remains, and there is no effective TACO signal for now. Oil prices and shipping are still priced under a controllable scenario, and tail risk is not fully priced in. If disturbances in Hormuz and the Red Sea escalate, or if there are new variables in tariffs and technology around the China-US meeting, inflation expectations face further upside risk.

3. Besides the Federal Reserve, the market is watching a Bank of Japan rate hike; a narrowing Japan-US interest rate spread and a carry trade unwind could amplify market volatility.

4. The AI narrative has seen disturbances. Anthropic's CEO called for slowing the advancement of frontier models, and OpenAI CEO Sam Altman concurrently said the company has not yet solved the model alignment problem. If it cannot prove that models are safe and controllable, the company should not continue training, and OpenAI made clear it will not go public within the year. This is not a turning point in the medium- to long-term AI narrative, but it will disrupt risk appetite in the short term.

Allocation should be defense-oriented, with low-volatility dividend names in the base position. Structurally, pay attention to innovative drugs. (Source: "Hong Kong Stock Weekly View: In an Overseas Stress Test" by SCS, 20260915)

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.