I. Market Overview
Hong Kong stocks ended mixed on Feb 3. The Hang Seng Index (HSI) rose 0.22% to 26,834.77, while the Hang Seng China Enterprises Index (HSCEI) fell 0.30% to 9,053.11. The Hang Seng Tech Index (HSTECH) declined 1.07% to 5,467.26, with large-cap internet names under pressure. Turnover remained robust at HK$335.15B, indicating active rotation into commodities and select cyclicals even as growth/tech came under profit-taking.
Sector breadth skewed positive, led by pronounced strength in metals and precious-metals chains amid intraday rebounds in bullion and silver prices. Conversely, platform and interactive media stocks lagged. Media updates during the session highlighted broad-based weakness across major tech counters, while “HK Movers” reports flagged gains in semiconductor-linked products and gold-related names.
II. Sector Performance
Large-cap Tech Stocks
Large-cap tech retreated as the HSTECH fell 1.07% to 5,467.26: Tencent -2.92% (HK$581.00), Kuaishou -4.61% (HK$73.45), Baidu -3.61% (HK$141.40), Alibaba -1.41% (HK$161.00); pockets of strength included Hua Hong +4.16% (HK$107.70), Haier SmartHome +2.73% (HK$26.32), and Li Auto +1.86% (HK$65.65).
Top Performing Sectors
• Diversified Metals & Mining +7.67%
• Computer & Electronics Retail +6.79%
• Silver +6.25%
Bottom Performing Sectors
• Office Services & Supplies -9.92%
• Home Improvement Retail -4.43%
• Interactive Media & Services -3.03%
V. Closing Summary
The Hong Kong market saw a measured rotation on Feb 3. The HSI managed a modest gain of 0.22%, supported by strength in commodities and select cyclicals, while the HSCEI edged down 0.30% and the HSTECH slipped 1.07%, reflecting pressure across platform and internet leaders. Total market turnover reached HK$335.15B, suggesting investors actively rebalanced into metals, mining, and gold-related counters as precious metals rebounded intraday. Broadly, risk appetite remained intact, but leadership rotated away from mega-cap tech toward resource-linked names.
Large-cap tech underperformed after a strong stretch, with Tencent (-2.92%), Kuaishou (-4.61%), and Baidu (-3.61%) weighing on the HSTECH. Media reports during the session highlighted sector-wide softness in Hong Kong tech stocks, consistent with declines across interactive media and services. Notably, there were bright spots in chip-adjacent and hardware plays: Hua Hong (+4.16%), Haier SmartHome (+2.73%), Li Auto (+1.86%), and Trip.com (+1.51%) offered some counterbalance to weakness in internet names.
Beyond tech, commodity and precious-metals chains outperformed. “HK Movers” updates flagged a rebound in gold and silver, which underpinned local gold equities—reflected in the sector leaderboard, where Silver and Gold-linked baskets ranked among the top gainers. Semiconductors saw targeted strength: leveraged products tracking Korean chip leaders rallied, and Hua Hong advanced, aided by positive sentiment spillovers from regional peers. Meanwhile, CIMC (+14.98%) and YOFC (+12.23%) stood out within industrials and optical fiber, respectively, helping drive the top gainers list among larger-cap names.
Sector and thematic rotation defined the day. Top sectors were Diversified Metals & Mining, Computer & Electronics Retail, and Silver, while Office Services & Supplies, Home Improvement Retail, and Interactive Media & Services lagged. Media flow highlighted mixed performance in AI-related Hong Kong names—“AI applications” saw selective gains—while platform/internet remained under pressure. There were no notable blockbuster IPO debuts today, and secondary-market activity centered on sector rebalancing and thematic drivers (precious metals rebound, selective semiconductor strength).
Sources: Public market data, summarized media reports
Disclaimer: This content is for reference only and does not constitute investment advice.
