NewTimeSpace | Hong Kong Market Close: The Three Major Indices Spiked and Then Pulled Back, with the Hang Seng Index Closing Up 0.18%

NewTimeSpace reported, on September 22, 2026, the three major Hong Kong indices spiked and then pulled back, with the Hang Seng Index up 0.18%, the Hang Seng TECH Index up 0.34%, and the Hang Seng China Enterprises Index up 0.28%. The Hang Seng Index's full-day market turnover was 249.2 billion HKD, larger than that of the previous trading day. Southbound funds saw a net inflow of 12.691 billion HKD.

On the market, by industry. Themes such as software services, media, and discretionary consumer retail led the gains. Themes such as building materials, paper & packaging, and household products led the declines.

Among the Hang Seng Index constituents, 28 rose and 61 fell. On the upside, TENCENT rose 5.0%, LENOVO GROUP rose 2.8%, and CHINA LIFE rose 2.1%. On the downside, ZTO EXPRESS-W fell 5.1%, J&T EXPRESS-W fell 4.0%, and LI NING fell 3.5%.

Among the Hang Seng TECH Index constituents, 14 rose and 13 fell. On the upside, TENCENT MUSIC-SW rose 5.6% and ILUVATAR COREX rose 3.2%. On the downside, Z.AI fell 6.6%, LEAPMOTOR fell 4.1%, and MINIMAX-W fell 3.9%.

Among Hong Kong Stock Connect constituents, on the upside, CENTRAL NEW EGY surged 10.4%, DONGJIANG ENV rose 9.5%, and CONANT OPTICAL surged 9.1%. On the downside, BLUE MOON GROUP fell 8.7%, HIPINE fell 8.7%, and QINGSONG HEALTH fell 7.6%.

Guoyuan International Holdings pointed out that the US economy and employment remain resilient, and against the backdrop of continued expansion of capital expenditure on AI infrastructure, broad financial conditions have yet to show obvious restrictiveness, while the insufficient improvement in core inflation means the Federal Reserve still has room for further policy tightening. Domestically, high-tech manufacturing remains resilient, but consumption, real estate and fixed asset investment remain weak, and the economy continues to show structural divergence.

This Fed rate hike is closer to a preventive, risk-management-oriented policy tightening, but whether it further evolves into a sustained rate hike cycle still needs to be observed. The market may have already priced in a single September hike fairly fully, but uncertainty remains over the number of subsequent hikes and the duration of "higher for longer". Against this backdrop, Hong Kong stocks will in the short term still take "index fluctuation, structural divergence and rotation" as the baseline scenario, and the market will place more emphasis on whether companies' own earnings and cash flow can digest the valuation pressure brought by high interest rates. (Guoyuan International Holdings, 20260921, "Hong Kong Stock Market Weekly: Fed Rate Hike Lands, Hong Kong Stocks May Return to Fundamentals-Based Trading in the Short Term")

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