NewTimeSpace | Hong Kong Market Close: The Three Major Indices Fluctuated and Rebounded, with the Hang Seng Index Closing Up 0.69%, While Themes Such as Electrical Equipment and Automobiles & Parts Led the Gains

NewTimeSpace reported, on October 23, 2026, the three major Hong Kong indices fluctuated and rebounded, with the Hang Seng Index up 0.69%, the Hang Seng TECH Index up 2.05%, and the Hang Seng China Enterprises Index up 0.87%. The Hang Seng Index recorded a full-day turnover of 249.8 billion HKD, somewhat lower than that of the previous trading day. Southbound funds saw a net selling of 1.670 billion HKD.

On the market, from an industry perspective. Themes such as electrical equipment, automobiles & parts, and hardware equipment led the gains. Themes such as banks, oil and petrochemicals, and telecommunications services led the declines.

Of which, 73 constituent stocks of the Hang Seng Index rose and 19 fell. On the upside, CHALCO rose 6.97%, BYD COMPANY rose 6.23%, and CHINAHONGQIAO rose 5.55%. On the downside, LENOVO GROUP fell 2.25%, BOC HONG KONG fell 1.57%, and ICBC fell 1.50%.

Among the Hang Seng TECH Index constituents, 28 rose and 2 fell. On the upside, MINIMAX-W soared 16.74%, Z.AI rose 8.29%, and HORIZONROBOT-W rose 8.14%. On the downside, JD HEALTH fell 1.00%.

Among Hong Kong Stock Connect constituents, 51WORLD soared 30.31%, SEER TECH soared 24.91%, and ZHAOWEI rose 16.44%. On the downside, EVEREST MED fell 9.83%, BRAINAURORA-B fell 8.85%, and EVERG SERVICES fell 7.79%.

Industrial Securities pointed out that going forward, investors should watch the value shift of the "New Hang Seng TECH" and patiently wait for valuation repair under the "tailwind" of liquidity. The "New Hang Seng TECH" will officially take effect in December. According to our forecast, the first adjustment will significantly increase the number of technology hardware constituents, but its short-term impact on the index weight structure will remain relatively limited, with old constituents accounting for nearly 90% of the weight; over the medium and long term, however, the index structure is expected to be further optimized, its technology representativeness gradually strengthened, and its allocation appeal also expected to improve. Looking further ahead, if the Fed's rate hikes gradually come to an end next year, liquidity pressure in Hong Kong is expected to ease marginally. Historically, after the last rate hike was implemented, both the average and median returns of the Hang Seng Index in the following 1 to 6 months were positive, with average gains of about 4.7% and 5.3% in 3 months and 6 months respectively, at which point the trading logic of Hong Kong stocks is also expected to spread further from structural opportunities to valuation repair. (Source: "Learning from History: How Will This Round of Rate Hikes Affect Hong Kong Stocks — Overseas Matters" by Industrial Securities, 20261020)