NewTimeSpace | Hong Kong Market Close: The Three Major Indices Fluctuated and Weakened, with the Hang Seng Index Closing Down 0.59%, While Themes Such as Oil and Petrochemicals and Banks Strengthened Against the Trend

NewTimeSpace reported, on October 29, 2026, the three major Hong Kong indices fluctuated and weakened, with the Hang Seng Index down 0.59%, the Hang Seng TECH Index down 2.84%, and the Hang Seng China Enterprises Index down 0.46%. The full-day market turnover was 189.5 billion HKD, with somewhat higher volume than the previous trading day. Southbound funds saw a net selling of 3.359 billion HKD.

On the market, from an industry perspective. Themes such as oil and petrochemicals, banks, and coal strengthened against the trend. Themes such as hardware equipment, semiconductors, and machinery led the declines.

Of which, 25 constituent stocks of the Hang Seng Index rose and 70 fell. On the downside, NEW ORIENTAL-S plunged 14.03%, HUA HONG GRACE fell 7.71%, and LENOVO GROUP fell 6.90%; on the upside, HANSOH PHARMA rose 2.92%, PETROCHINA rose 2.91%, and PING AN rose 2.56%.

Among the Hang Seng TECH Index constituents, 3 rose and 26 fell, with ILUVATAR COREX down 8.76%, Z.AI down 6.91%, and MINIMAX-W down 6.71%; on the upside, MIDEA GROUP rose 0.38%, HAIER SMARTHOME rose 0.37%, and XIAOMI-W edged up 0.23%.

Among Hong Kong Stock Connect constituents, 160 HEALTH soared 45.88%, DRINDA rose 18.45%, and QINGSONG HEALTH rose 18.00%. On the downside, ROBOTECHNIK plunged 18.97%, BRAINAURORA-B plunged 16.48%, and CIDI plunged 15.42%.

China Merchants Securities pointed out that in the third quarter of 2026, the performance pullback of active equity funds was compounded by share redemptions, and their overall scale fell sharply by 20.48%. The fund products with relatively large scale increases were mainly managed by steady-type fund managers with excellent long-term performance and a focus on risk control. The number of top funds with a scale exceeding 20 billion yuan dropped sharply to 5, and the scale of the previously popular technology funds mostly fell back below 20 billion yuan along with the market reversal in the third quarter.

The proportion of heavy positions in the TMT sector held by active equity funds dropped significantly, while the proportion in the pharmaceutical sector rose considerably. According to CITIC first-level industry statistics, the heavy-position market value of pharmaceuticals, banks, and coal increased considerably; the holding market value of the electronics, communications, and power equipment & new energy industries dropped sharply. (Source: "Review of Active Equity Funds' 2026 Third-Quarter Reports: Hong Kong Stock Positions Rebound, Electronics and Communications Positions Decline" by China Merchants Securities, 20261028)