NewTimeSpace | Hong Kong Market Close: The Three Major Indices Weakened Collectively, with the Hang Seng Index Closing Down 1.01%, While Themes Such as Real Estate and Electrical Equipment Strengthened Against the Trend

NewTimeSpace reported, on September 23, 2026, the three major Hong Kong indices weakened collectively, with the Hang Seng Index down 1.01%, the Hang Seng TECH Index down 1.33%, and the Hang Seng China Enterprises Index down 1.06%. The Hang Seng Index's full-day market turnover was 184.3 billion HKD, lower than that of the previous trading day. Southbound funds saw a net inflow of 3.449 billion HKD.

On the market, by industry. Themes such as real estate, electrical equipment, and building materials strengthened against the trend. Themes such as software services, discretionary consumer retail, and paper & packaging led the declines.

Among the Hang Seng Index constituents, 31 rose and 60 fell. On the downside, ALIBABA-W fell 4.4%, XIAOMI-W fell 3.8%, and LAOPU GOLD fell 2.7%. On the upside, LI AUTO-W rose 2.6%; CHINA RES LAND rose 1.7%, and CHINA RES MIXC rose 1.7%.

Among the Hang Seng TECH Index constituents, 8 rose and 22 fell. On the downside, Z.AI plunged 12.4% and ILUVATAR COREX fell 8.8%; MINIMAX-W fell 4.0%. On the upside, NIO-SW rose 1.8% and LENOVO GROUP rose 0.5%. HUA HONG GRACE rose 0.4%.

Among Hong Kong Stock Connect constituents, RIGOL surged 20.4%, AUNTEA JENNY surged 11.4%, and DMALL surged 11.2%. On the downside, REALORD TECH plunged 23.0%, YUNJI plunged 16.5%, and 160 HEALTH fell 9.9%.

SCS pointed out that Hong Kong stocks are currently in a slightly rebounding trend. This rebound is closer to short covering after overseas phased negatives landed, rather than being based on fundamental improvement. Overseas risks are difficult to clear out in one go and will continue to cause repeated disturbances, so a relatively neutral, dynamic allocation approach should be maintained toward Hong Kong stocks. The rebound can be watched, but chasing highs should be avoided; a clear turning point still requires fundamental improvement.

Interest rate constraints remain, and the environment is not optimistic. US Treasuries are likely to be easier to rise than to fall, the world is gradually entering a rate hike cycle, and liquidity can be expected to tighten. Hong Kong stocks are sensitive to US Treasury yields, and combined with tightening global liquidity, the index level does not have a particularly optimistic pricing environment. Overseas events will continue to bring volatility. In the short term, watch whether Trump can give an effective TACO signal, and whether the China-US meeting can produce new progress on geopolitics. Dynamically observe US-Iran developments, as well as export directions related to AI technology. Improvement in domestic demand in China still needs time. The market believes that the repair of domestic demand will take time, and there is no policy reversal signal in the short term. In terms of allocation suggestions, configure low-volatility dividend names in the base position. Structurally, pay attention to innovative drugs and global going-global enterprises, and dynamically adjust with changes in macro and geopolitical conditions. In addition, from a medium- to long-term perspective, pay attention to the mid- and downstream of AI. (Source: "Hong Kong Stock Weekly View: US Rate Hike Lands, Hong Kong Stocks Stage a Phased Rebound" by SCS, 20260922)

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