NewTimeSpace | Hong Kong Market Close: Three Major Indices Mixed, Hang Seng Index Up 0.54%; Coal and Oil & Petrochemical Themes Strengthen
NewTimeSpace reported, On September 28, 2026, the three major Hong Kong indices were mixed. The Hang Seng Index rose 0.54%, the Hang Seng TECH Index fell 0.37%, and the Hang Seng China Enterprises Index gained 0.63%. Full-day market turnover was HKD 177.5 billion, while southbound capital recorded a net outflow of HKD 6.554 billion.
On the board, by industry, coal, oil & petrochemicals and food & beverage were among the themes that strengthened against the trend. Non-ferrous metals, semiconductors and hardware equipment led the declines.
Among Hang Seng Index constituents, 70 advanced and 25 declined. On the gainers side, NETEASE surged 4.9%, CHINA OVERSEAS 3.8% and GEELY AUTO 3.7%; on the decliners side, HUA HONG GRACE fell 4.6% and LENOVO GROUP 4.5%.
Among Hang Seng TECH Index constituents, 17 advanced and 13 declined. On the decliners side, ILUVATAR COREX plunged 11.4% and MINIMAX-W 9.1%; on the gainers side, BILIBILI-W rose 2.8%, KUAISHOU-W 2.3%, TENCENT MUSIC-SW 2.2% and HAIER SMARTHOME 2.2%.
Among Stock Connect constituent stocks, CENTRAL NEW EGY surged 13.3%, CHINA XLX FERT 7.7% and BLOKS 6.3%.
CGS noted that as of September 25, 2026, the Hang Seng Index traded at a PE of 10.83x and a PB of 1.14x, at the 62nd and 43rd percentile levels since 2010 respectively. On sector valuations, Hong Kong's level-1 industries showed wide divergence. The PE valuations of materials, consumer discretionary, energy, communication services, information technology, financials, utilities and consumer staples all stood below the 50th percentile level since 2010.
Structural defense to prevail as Hong Kong stocks await clearer rate signals: The market needs to re-price a "higher for longer" rate environment, and Hong Kong stocks lack a short-term catalyst for a trend reversal. Some capital had previously bet on a rebound once a rate hike landed, but the overall tone of the Fed's September policy meeting was more hawkish than market expectations. The dot plot shows at least one more rate hike expected within the year, with Chair Warsh listing inflation as the principal issue and sending a clear anti-inflation signal. This means the logic of "bad news exhausted" has been broken: uncertainty has not been removed but deferred to the fourth quarter. (Source: CGS, Strategy Weekly: Structural Defense to Prevail, Hong Kong Stocks Await Clearer Rate Signals)
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