Hong Kong Stock Closing Review: Hang Seng Index down 0.7%, China Index turned positive at close, oil and coal stocks rose, power stocks showed significant gains in afternoon trading

Gelonghui March 12 | Hong Kong stocks’ three major indices hit bottom and rebounded. After touching the bottom in the afternoon, the decline continued to narrow. The State-owned Enterprise Index turned positive at the close, with a slight decrease of 0.06%. During the session, it once fell to 1%. The Hang Seng Index and Hang Seng Tech Index declined by 0.7% and 0.54%, respectively, while the Tech Index once dropped to 1.6%.

Specifically, most large tech stocks performed weakly but with limited overall decline. Alibaba and Baidu fell more than 1%, Tencent, Meituan, and Xiaomi showed slight declines, while JD.com rose slightly by 0.83%. Due to the Middle East situation causing tight energy supplies, energy, coal, and aluminum stocks were active throughout the day, with China National Offshore Oil, Yankuang Energy, and Yanzhou Coal Australia hitting all-time highs! The UK will remove 33 wind turbine component import tariffs starting April 1, leading to a noticeable afternoon rally in power stocks, with leader Goldwind Technology up over 7%.

On the other hand, heavy machinery stocks declined sharply, with Sany International falling nearly 6%, Zoomlion down nearly 4%. Biotech, Chinese brokerage, and insurance stocks mostly remained weak, driven by inflation concerns caused by rising oil prices. International gold prices fell, and gold stocks generally showed weakness. (Gelonghui)