NewTimeSpace | Hong Kong Market Close: The Three Major Indices Fluctuated and Strengthened, with the Hang Seng Index Closing Up 1.46%, While Themes Such as Oil and Petrochemicals and Daily Consumer Retail Led the Gains

NewTimeSpace reported, on October 30, 2026, the three major Hong Kong indices fluctuated and strengthened, with the Hang Seng Index up 1.46%, the Hang Seng TECH Index up 0.29% and down 11.73% for the month; the Hang Seng China Enterprises Index up 1.37%. The turnover of the Hong Kong market was 214.3 billion HKD, with somewhat higher volume than the previous trading day. Southbound funds saw a net selling of 3.560 billion HKD.

On the market, from an industry perspective. Themes such as oil and petrochemicals, daily consumer retail, and durable consumer goods led the gains. Themes such as semiconductors, hardware equipment, and machinery led the declines.

Of the Hang Seng Index constituents, 74 rose and 20 fell. On the upside, MENGNIU DAIRY rose 9.42%, SINOPEC CORP rose 6.22%, and NONGFU SPRING rose 5.90%. On the downside, LENOVO GROUP fell 7.41%, HUA HONG GRACE plunged 6.04%, and SMIC fell 4.40%.

Among the Hang Seng TECH Index constituents, 16 rose and 14 fell. On the upside, JD HEALTH rose 5.89%, HAIER SMARTHOME rose 5.33%, and TRIP.COM-S rose 3.61%; on the downside, Z.AI fell 9.10%, ILUVATAR COREX fell 8.41%, and HORIZONROBOT-W fell 4.74%.

Among Hong Kong Stock Connect constituents, HIPINE rose 17.85%, QUANTGROUP surged 16.40%, and MAO GEPING soared 13.80%. On the downside, EVERG SERVICES plunged 17.72%, SANY INT'L plunged 15.85%, and QINGSONG HEALTH fell 15.38%.

Everbright Securities pointed out that Hong Kong stocks may still fluctuate and build a bottom in the short term, with downside space controllable but upside momentum insufficient. Hong Kong stock valuations have now clearly pulled back, but this is only a downside buffer and does not yet constitute the sufficient margin of safety required for an uptrend. The two main lines suppressing Hong Kong stocks have not yet been broken: on the denominator side, long-term US Treasury yields are still at historical highs, raising the discount rate for long-duration growth assets, and valuation expansion is difficult to self-sustain; on the numerator side, the sustainability of AI capital expenditure is still being questioned, and the economy lacks upward elasticity.

In terms of allocation direction, focus on the dividend sector. High-dividend assets have a short cash flow duration and are insensitive to changes in the discount rate, making them naturally defensive in a high interest rate environment, and the dividend yield of Hong Kong stocks has an advantage over A-shares. In addition, some quality growth directions are also worth left-side positioning, to capture greater investment returns as flexible varieties in the subsequent process of risk appetite recovery. (Everbright Securities, 20261030, "November 2026 A-share and Hong Kong Stock Monthly Golden Stock Portfolio: Waiting for the Turning Point, Seeking Victory in Stability")