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Market Commentary: HK Stocks Turn Weaker Ahead of Long Holiday; Geely and Chery Rebound Against Trend
US President Donald Trump said in a televised speech this morning that extremely severe strikes would be launched against Iran in the next two to three weeks. Brent oil futures for...
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Market Commentary: HK Stocks Turn Weaker Ahead of Long Holiday; Geely and Chery Rebound Against Trend
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US President Donald Trump said in a televised speech this morning that extremely severe strikes would be launched against Iran in the next two to three weeks. Brent oil futures for June delivery surged 7% to USD108.27 per barrel, while Hong Kong stocks declined. The market had previously expected a swift ceasefire between the US and Iran. Overnight, the DJIA and Nasdaq rose 0.5% and 1.2%, respectively, but optimism faded after Trump's remarks. At the time of writing, the US 2-year Treasury yield climbed to 3.852%, the 10-year Treasury yield rose to 4.378%, and the US Dollar Index advanced to 100.14. DJIA futures last fell 445 points or 0.95%, while Nasdaq futures dropped 363 points or 1.5%. The Shanghai Composite Index closed down 29 points or 0.74% at 3,919. The Shenzhen Component Index fell 1.6%, and the ChiNext Index declined 2.3%. Total turnover on the Shanghai and Shenzhen exchanges amounted to RMB1.84 trillion.

Hong Kong equities moved lower. The HSI opened down 39 points and extended losses to as much as 392 points in the afternoon to a trough of 24,901, before narrowing declines late in the session. The HSI closed down 177 points or 0.7% at 25,116. The HSCEI fell 47 points or 0.56% to 8,456, while the HSTECH dropped 77 points or 1.6% to 4,679. Total market turnover for the day was HKD243.628 billion. Southbound trading turnover totaled HKD115.155 billion, with net inflow of HKD19.828 billion today (vs net outflow of HKD12.694 billion in the previous trading day).

Hong Kong stocks will be closed tomorrow (3rd) for Good Friday. With only four trading days this week, the HSI rose 164 points or 0.7% for the week, the HSCEI gained 3 points or 0.04%, while the HSTECH fell 98 points or 2.1%. Southbound funds recorded net inflow of HKD5.371 billion for the week. The market will also be closed next Mon (6th) and Tue (7th) for holidays, and will resume trading next Wed (8th).

[Concerns Over US-Iran Conflict Weigh on HK Stocks]

Oil stocks advanced. PETROCHINA (00857.HK)  +0.220 (+2.085%)    Short selling $379.67M; Ratio 75.241%   and CNOOC (00883.HK)  +0.060 (+0.223%)    Short selling $602.03M; Ratio 28.522%   rose 2.1% and 0.2%, respectively. Coal stocks YANKUANG ENERGY (01171.HK)  +0.440 (+3.114%)    Short selling $63.01M; Ratio 34.476%   and CHINA COAL (01898.HK)  +0.490 (+3.740%)    Short selling $12.09M; Ratio 14.864%   gained 3.1% and 3.7%. Gold miners ZIJIN MINING (02899.HK)  -1.080 (-2.967%)    Short selling $360.61M; Ratio 47.064%   , ZIJIN GOLD INTERNATIONAL (02259.HK)  -6.000 (-3.295%)    Short selling $248.76M; Ratio 62.029%   , LINGBAO GOLD (03330.HK)  -1.220 (-4.281%)    Short selling $119.87M; Ratio 52.349%   and CHINA GOLD INTERNATIONAL (02099.HK)  -5.600 (-3.440%)    Short selling $20.17M; Ratio 40.093%   fell 3% to 4.3%. Resource stocks JIANGXI COPPER (00358.HK)  -1.040 (-2.902%)    Short selling $48.81M; Ratio 63.606%   , CMOC (03993.HK)  -0.490 (-2.808%)    Short selling $322.21M; Ratio 41.988%   and MMG (01208.HK)  -0.270 (-3.444%)    Short selling $21.59M; Ratio 29.770%   dropped 2.8% to 3.4%. Airline stocks CHINA SOUTHERN AIRLINES (01055.HK)  -0.180 (-4.255%)    Short selling $14.13M; Ratio 45.958%   , CHINA EASTERN AIRLINES (00670.HK)  -0.190 (-4.859%)    Short selling $30.52M; Ratio 50.072%   and AIR CHINA (00753.HK)  -0.190 (-3.808%)    Short selling $27.03M; Ratio 47.055%   declined 3.8% to 4.9%.

AI-related stocks slid, with ZHIPU (02513.HK)  -136.000 (-14.863%)    Short selling $37.04M; Ratio 2.591%   and MINIMAX (00100.HK)  -110.500 (-10.425%)    Short selling $150.00M; Ratio 24.219%   retreating 14.9% and 10.4%, respectively. Cloud service providers KINGSOFT CLOUD (03896.HK)  -0.280 (-3.784%)    Short selling $46.19M; Ratio 21.991%   and GDS HOLDINGS (09698.HK)  -1.500 (-3.657%)    Short selling $41.61M; Ratio 147.369%   fell 3.8% and 3.7%.

[1,200 Stocks Fall; Geely Rebounds Against Trend]

Market breadth weakened, with the ratio of advancers to decliners at 18 to 31 among main board stocks. A total of 1,288 stocks declined (down 2.7%). Among HSI constituents, 38 stocks rose while 46 fell, with an advancers-to-decliners ratio of 42 to 51.

Auto stocks were mixed. BYD (01211.HK)  -0.800 (-0.764%)    Short selling $1.06B; Ratio 98.115%   slipped 0.8% to HKD103.9, while XIAOMI (01810.HK)  -1.140 (-3.560%)    Short selling $2.65B; Ratio 81.394%   dropped 3.6%. CHERY (09973.HK)  +4.240 (+15.263%)    Short selling $8.95M; Ratio 5.737%   reported a 15% YoY increase in total sales in March, with its shares surging 15.3%. GREAT WALL MOTOR (02333.HK)  +0.920 (+7.342%)    Short selling $97.72M; Ratio 68.523%   posted 8% YoY sales growth in March, with shares rising 7.3%. GEELY (00175.HK)  +1.840 (+8.371%)    Short selling $755.34M; Ratio 54.606%   jumped 8.4% to HKD23.82 on turnover of HKD4.37 billion, making it the best-performing blue chip.

M Stanley said in a recent report that GEELY management attended its China investor conference and reiterated its 2026 overseas sales target of 640,000 units, of which about 300,000 units are fuel vehicles. The company completed 180,000 units in 1Q26, indicating solid progress. Management said overseas capacity expansion would prioritize utilization of existing plants to avoid large-scale new investments. The company also targets a reduction in average vehicle cost of about RMB7,000 to RMB8,000 to offset rising memory and raw material prices. In 1Q26, pricing discipline remained solid, with significant improvement in per-vehicle profitability. Profit per vehicle in overseas markets may reach RMB13,000 to RMB15,000, about three times that of the domestic market. M Stanley maintained an Overweight rating and a TP of HKD25 on GEELY. (wl/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)



This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

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