I. Market Overview

The Hong Kong market closed mixed on Jan 29. The Hang Seng Index (HSI) rose 0.51% to 27,968.09, while the Hang Seng China Enterprises Index (HSCEI) gained 0.42% to 9,552.58. In contrast, the Hang Seng Tech Index (HSTECH) fell 1.00% to 5,841.10, reflecting weakness in semiconductors and selected internet names. China-related mid-cap exposure was firmer, with the HSCCI up 1.73% to 4,470.01. Total market turnover reached HKD 332.0 billion.

Intraday media headlines highlighted strength in oil & gas producers amid higher crude prices and gold-related stocks as spot gold climbed, while mainland property developers rallied on easing regulatory reporting, and Macao casinos underperformed after disappointing results. Overall breadth favored cyclicals and property over tech.

II. Sector Performance

Large-cap Tech Stocks

The Hang Seng Tech Index fell 1.00%, with Hua Hong Semi -5.30%, SMIC -2.59%, JD Health -3.21%, and Trip.com -2.66% weak, while Tencent +0.16%, Meituan +0.25%, and Xiaomi +0.83% eked out gains.

Top Performing Sectors

• Distillers & Vintners +11.94%
• Real Estate Services +7.10%
• Paper Products +8.38%

Bottom Performing Sectors

• Casinos & Gaming -4.75%
• Silver -7.41%
• Consumer Electronics -2.70%

III. Top 10 Gainers in Hong Kong Market Today

IV. Top 10 Losers in Hong Kong Market Today

V. Closing Summary

The Hong Kong market ended with a defensive tilt in tech but risk-on appetite in property and cyclicals. The HSI +0.51% (27,968.09) and HSCEI +0.42% (9,552.58) advanced, supported by strong moves in developers and staples, while HSTECH -1.00% (5,841.10) lagged amid semiconductor and platform stock weakness. Turnover was robust at HKD 332.0 billion, indicating active participation around sector rotation and headline-driven themes.

Large-cap tech saw mixed performance: Tencent +0.16% (HKD 622.00), Meituan +0.25% (HKD 98.60) and Xiaomi +0.83% (HKD 36.62) were modestly firmer, but semis dragged as Hua Hong Semi -5.30% (HKD 116.20) and SMIC -2.59% (HKD 77.25) declined; healthcare platforms were soft with JD Health -3.21% (HKD 63.30). Travel names retreated, with Trip.com -2.66% (HKD 482.20), reflecting profit taking.

Property developers surged after reports that regulators no longer require monthly “Three Red Lines” updates for many firms, aiding sentiment: SUNAC +29.13%, LOGAN GROUP +18.66%, and SEAZEN +14.16% led gains, while consumer staples outperformed with Distillers & Vintners +11.94%. Commodities-linked groups were buoyant: media noted oil & gas producers rallied as crude extended gains; gold-related stocks rose as spot gold hit an intraday high, supporting miners. Conversely, gaming was weak: SANDS CHINA -7.96% fell after Macao EBITDA disappointed, pressuring the Casinos & Gaming -4.75% sector.

Sector rotation favored domestic beta and inflation hedges over growth tech. Top sectors included Distillers & Vintners, Real Estate Services, and Paper Products, while Silver, Casinos & Gaming, and Consumer Electronics declined. New listings and IPO commentary were limited; attention stayed on macro-sensitive groups (energy, precious metals) and policy-sensitive property names. Overall, breadth indicated improving risk appetite in developers and cyclicals, offset by caution in semiconductors and selected platforms.

Sources: Public market data, summarized media reports

Disclaimer: This content is for reference only and does not constitute investment advice.