Hong Kong stocks close: The Hang Seng Tech Index drops 2.26%, the Hang Seng Index falls below 26,000, tech stocks are weak, and this gas stock surges 62%

LootboxPhobia · 2026-03-03T11:03:03+00:00

The tense situation in the Middle East has put pressure on global risk markets. The three major Hong Kong stock indices opened high and then declined, with the Hang Seng Tech Index hitting a new low, down 2.26%. Technology stocks generally retreated, gold and non-ferrous metal stocks declined, while the energy sector rose against the trend, with gas and oil stocks performing notably. Bank stocks generally rose, but the overall market remains under pressure.

LootboxPhobia

2026-03-03 11:03:03

Abstract generation in progress

Gelonghui March 3 | Middle East Tensions Continue to Escalate, Triggering a Safe-Haven Rush, Global Risk Markets Under Pressure. The three major Hong Kong stock indices opened high and then declined, with the afternoon drop intensifying. The Hang Seng Tech Index performed the weakest, closing down 2.26%, hitting a new low since late April last year. The Hang Seng Index and the China Enterprises Index fell 1.12% and 1.07%, respectively, with the Hang Seng Index breaking below the 26,000-point level.

Specifically, most large tech stocks that initially rose at the open turned to decline, with Xiaomi dropping nearly 5% to hit a new low. Meituan, Alibaba, Baidu, and JD.com also refreshed recent lows. International gold and silver prices plummeted, leading to declines in gold stocks and non-ferrous metal stocks. Copper industry stocks fell sharply, with Minmetals Resources and China Gold International among the biggest losers. Semiconductor stocks, military industry stocks, heavy machinery stocks, photovoltaic stocks, auto stocks, property developers, airlines, home appliance stocks, and coal stocks mostly remained weak.

On the other hand, Iran announced the Strait of Hormuz has been closed, threatening to target all ships attempting passage. The chaos in the Middle East triggered Qatar to halt production, igniting the natural gas market. Gas and oil stocks, energy sectors, surged against the trend, with Volkswagen Utility soaring nearly 62%, showing remarkable performance. China National Petroleum Corporation rose 5%. Institutions expect the banking sector to continue improving this year, with domestic bank stocks generally rising, China Construction Bank up over 2%. (Gelonghui)

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