On March 13, Hong Kong stocks opened lower and continued the trend. At the time of writing, the Hang Seng Index opened at 25,658.44 points, down 58.32 points or 0.23%. The Hang Seng Tech Index opened at 5,009.53 points, down 0.36%, before recovering slightly to 5,019.80 points, narrowing the loss to 0.16%.

In terms of sectors, some stablecoin concept stocks surged. BRIGHT SMART (01428) jumped over 20%, OSL GROUP (00863) rose nearly 5%, while Jingwei Tianqi (02477) and Yunfeng Financial (00376) gained over 2%. This movement follows the implementation of Hong Kong's licensing system for fiat-referenced stablecoin issuers, with the first batch of licenses expected to be issued in March. Recent reports indicate that the initial licenses will be granted to HSBC, Standard Chartered, and local virtual asset trading platform OSL GROUP.

Additionally, Hong Kong property stocks rebounded. SUNAC (01918) increased by 8.18%, COUNTRY GARDEN (02007) rose 4.92%, and Shimao Group (00813) advanced 3.93%.

Looking ahead, Cinda International noted that the Hang Seng Index faces short-term resistance around the 26,500-point level. Recent market optimism about a potential end to Middle East conflicts persists, but ongoing geopolitical uncertainties could lead to sharp fluctuations in international oil prices, potentially triggering another outflow of funds from Asian stock markets. Furthermore, the 15% global tariff proposed by former US President Donald Trump may be implemented soon, with a return to original rates within five months. Trump has mentioned a potential visit to China by the end of March, though the itinerary remains uncertain. As Hong Kong stocks enter the earnings season, corporate results and outlooks will significantly influence market performance. Technically, the Hang Seng Index has formed a head-and-shoulders top pattern since January, breaking below the 26,300-point neckline in early March. However, it has recently found some support near the 25,000-point level, with short-term rebound resistance expected around the 50-day moving average near 26,500 points.