NewTimeSpace | Hong Kong Market Close: The Three Major Indices Continued to Weaken, with the Hang Seng Index Closing Down 1.55%, While Themes Such as Paper & Packaging and Oil and Petrochemicals Strengthened Against the Trend

NewTimeSpace reported, on November 13, 2026, the three major Hong Kong indices continued to weaken, with the Hang Seng Index down 1.55%, the Hang Seng TECH Index down 3.02%, and the Hang Seng China Enterprises Index down 1.48%. Today's turnover of the Hang Seng Index reached 195.9 billion HKD, lower than that of the previous trading day. Southbound funds saw a net buying of 2.333 billion HKD.

On the market, from an industry perspective. Themes such as paper & packaging, oil and petrochemicals, and banks strengthened against the trend. Themes such as hardware equipment, non-ferrous metals, and software services led the declines.

Of which, 14 constituent stocks of the Hang Seng Index rose and 80 fell. On the downside, LONGFOR GROUP fell 6.43%, LENOVO GROUP fell 6.33%, and HUA HONG GRACE fell 6.10%. On the upside, PETROCHINA rose 2.79%, SUNNY OPTICAL rose 2.41%, and SINOPEC CORP rose 1.71%.

Among the Hang Seng TECH Index constituents, 2 rose and 28 fell. On the downside, Z.AI fell 10.04%, MINIMAX-W fell 8.19%, and NIO-SW fell 5.36%. On the upside, MIDEA GROUP rose 1.09%.

Among Hong Kong Stock Connect constituents, CHINA RUYI rose 10.23%, IMPACT THERAP-B rose 8.64%, and HIPINE rose 7.72%. On the downside, METIS TECHBIO-P plunged 19.69%, GUOQUAN fell 14.57%, and KINWONG fell 13.73%.

Shenwan Hongyuan stated that the "value clearly outperforming growth" in Hong Kong stocks in 2026 is mainly due to the double kill of earnings and valuations in the technology sector. Looking ahead to 2027, the direction of the global trading main line may change, and Hong Kong stocks have room for mean reversion: pressure from the liquidity "drainage side" (refinancing and share reductions) is expected to ease, the low base effect formed by downward earnings revisions of technology growth stocks will be concentrated in the first half of 2027, and in the past decade Hong Kong stocks have never seen two consecutive years of valuation de-rating. Structurally, the directions of upward earnings revisions are concentrated in financials, resource commodities, and hardware industries, among which the share prices of the raw materials, non-bank financials, and semiconductor sectors have not yet caught up with the pace of upward earnings revisions; the current Hang Seng TECH ERP once climbed to a level close to that of April 2025, market sentiment is already quite pessimistic, and if existing short positions loosen, this could become the first round of funding for a market reversal. Based on the ERP model calculation, under the neutral scenario the potential return of the Hang Seng Index in 2027 is about 14.62%; under the optimistic scenario the return could reach 33.24%; and under the pessimistic scenario it is -7.28%. (Source: Shenwan Hongyuan, 20261110, "2027 Hong Kong Stock Investment Strategy: When the Monsoon Turns")