Hong Kong Stock Market Closing: Down on the First Trading Day of the Year of the Horse! AI Applications, Robots, Local Real Estate, and Oil Stocks Rise Against the Trend

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Gelonghui February 20 | The Hong Kong stock market’s first trading day of the Year of the Horse was significantly pressured amid rising concerns over Middle Eastern geopolitical tensions. By the close, the Hang Seng Index fell 1.1% to 26,413 points, the Hang Seng Tech Index dropped 2.91%, and the Hang Seng China Enterprises Index declined 1.22%; the total turnover of the Hang Seng market was HKD 165.4 billion.

Technology stocks generally declined, with AI applications (Zhipu rose nearly 43%, MiniMax increased over 14%, both surpassing a market value of HKD 300 billion), robotics (Spring Festival robot gaining attention), local real estate (Goldman Sachs raising target prices), and oil stocks (market concerns over escalating tensions between the US and Iran) rising against the trend.

Among the constituents of the Hang Seng Tech Index, JD Health and Baidu fell over 6%, Huahong Semiconductor, Kingdee International, Tencent Music, and Bilibili declined over 5%, Alibaba and NetEase dropped over 4%, Xiaomi and SMIC fell over 3%.

Among the Hang Seng Index constituents, PetroChina and Henderson Land gained over 3%, Midea Group, CSPC, CNOOC, Li Ning, and Hang Lung Properties rose over 2%.

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