HK Stock Midday Review: Hang Seng Index down 1.23%, Tech Index down 1.21%, Tech and Internet stocks, gold stocks broadly decline, brokerage stocks weaken, coal stocks rise against the trend, CICC International down nearly 5%

On March 12, the Hong Kong stock market’s three major indices opened lower and continued to decline. At midday, the Hang Seng Index fell 1.23% to 25,579.52 points, the Hang Seng Tech Index dropped 1.21%, and the H-shares Index declined 0.73%. In the market, tech stocks mostly fell, with Bilibili down over 3%, Baidu, Alibaba, and Kuaishou down over 2%, Meituan, Tencent, Lenovo, and NetEase down over 1%. Coal stocks rose against the trend, with Yankuang Energy up over 8%. Gold stocks mostly declined, with Zijin Gold International dropping over 5%. The securities and brokerage sector led the decline, with Guotai Junan International falling nearly 5%.

Coal stocks rose against the trend, with Yankuang Energy up over 8%. The Iran-U.S. conflict caused oil and gas prices to surge, triggering an energy substitution effect. Oriental Securities released a research report stating that the transmission in the coal market is reflected in rising fuel costs leading to higher shipping fees, and soaring natural gas prices prompting some regions to increase coal power generation to replace expensive natural gas, which may lead to a seasonal increase in coal prices.

Gold stocks mostly declined, with Zijin Gold International dropping over 5%. Factors such as rising oil prices boosting inflation concerns and the short-term strengthening of the US dollar contributed to the pressure on international gold prices. Reports indicate that Iran stated that with its military attacking merchant ships on Wednesday, the world should prepare for oil prices reaching $200 per barrel. International oil prices surged again, with Brent crude futures returning to $100 this morning.

The securities and brokerage sector saw the largest decline, with Guotai Junan International falling nearly 5%. Guotai Junan International announced that on March 10, 2026, the Hong Kong Securities and Futures Commission and the Independent Commission Against Corruption visited the company’s main business premises in Hong Kong to execute search warrants and seized some documents. The company also learned that one of its employees (not a board member) was detained by the ICAC. The company attaches great importance to this matter and will continue to closely monitor its development.

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(Editor: Liu Jing HZ010)

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