Hong Kong stock market close: Hang Seng Index down 0.98%, Tech Index down 0.99%, gold stocks and airline stocks broadly decline, Zijin Gold International down over 7%

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March 13 News: The three major Hong Kong stock indices all declined. At the close, the Hang Seng Index fell 0.98%, the Hang Seng Tech Index dropped 0.99%, and the H-shares Index decreased by 0.32%. In the market, tech stocks showed mixed performance, with Baidu rising over 1%, while Lenovo, Kuaishou, and Bilibili fell more than 1%. Gold stocks mostly declined, with Zijin Gold International dropping over 7%. Airline stocks also fell, with Cathay Pacific down 5%. The semiconductor sector declined, with Huahong Semiconductor dropping over 7%.

Gold stocks mostly declined, Zijin Gold International down over 7%. Oil prices surpassing $100 again have heightened inflation concerns, with the US dollar index approaching the 100 mark. Amid rising energy costs, market expectations for Federal Reserve rate cuts are weakening. According to Cailian Press, the latest probabilities from CME FedWatch show that traders in the federal funds futures market have largely ruled out a rate cut in September, now expecting only one rate cut in December. Rate swap contracts linked to the Fed’s policy meeting date also indicate that swap traders are no longer 100% certain that the Fed will cut rates this year.

Airline stocks mostly declined, with Cathay Pacific down 5%. On the news front, Swire announced the placement of 153 million Cathay Pacific shares, accounting for about 2.52% of Cathay’s total shares; the placement price is HKD 11.74 per share, a 9.62% discount to yesterday’s closing price of HKD 12.99. The total amount involved is HKD 1.797 billion, with net proceeds of HKD 1.789 billion, to be used for general operational funds. Swire expects to record a gain of about HKD 365 million from the placement and believes that raising funds through the placement will benefit the company by increasing its working capital, further strengthening its balance sheet, and improving financial flexibility, reaffirming confidence and commitment to Cathay.

The semiconductor sector declined, with Huahong Semiconductor dropping over 7%. Helium prices surged due to disruptions in Qatar natural gas processing caused by the Iran war. Industry insiders point out that if helium supply tightens further, in the event of force majeure distribution of gas, suppliers will prioritize critical industries. Kornbluth stated that industries such as medical MRI systems and rockets might receive 100% of their demand, while semiconductor manufacturers could get about 95% of their supply. Lower-priority uses, including welding, diving equipment, and party balloons, may face larger reductions.

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Editor: Hao Xinyu