Hong Kong stocks closing review: Hang Seng Index down 0.7%, China Tech Index down 1.63%, tech and gold stocks broadly decline, oil and gas stocks rise against the trend, Shandong Molong up over 16%

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April 2 News, Hong Kong stocks’ three major indices all declined. At the close, the Hang Seng Index fell 0.7% to 25,116.53, the Hang Seng Tech Index dropped 1.63%, and the State-owned Enterprises Index declined 0.56%. On the market, tech stocks collectively fell, with Xiaomi and Alibaba dropping over 3%, Meituan, Bilibili, and Kuaishou falling over 2%; oil and gas stocks rose against the trend, with Shandong Moluon up over 16%; airline stocks mostly declined, with China Eastern Airlines down over 4%; gold stocks declined, with Zhufeng Gold dropping over 12%.

Oil and gas stocks rose against the trend, with Shandong Moluon up over 16%. On April 2, international crude oil prices continued to rise. On the evening of April 1 local time, U.S. President Trump delivered a nationwide speech stating that the U.S. will launch a fierce attack on Iran within two to three weeks, bringing the country back to the “Stone Age.” Trump said that if no agreement is reached, the U.S. will carry out severe strikes on all Iranian power plants. According to CCTV International News, a statement from the spokesperson of Iran’s Hatam Anbia Central Command said that the U.S. and Israel are unaware of Iran’s strong capabilities, and the enemy will face more destructive, wider-ranging, and more damaging actions.

Airline stocks mostly declined, with China Eastern Airlines down over 4%. Cathay Securities pointed out that fuel costs account for about 35% of airline expenses, and static estimates suggest significant profit impact, but the actual impact depends on supply and demand. China’s airline capacity has entered a low-growth era, and demand will benefit from boosting consumption. Continued favorable supply and demand will ensure that oil price impacts are less than worries. For domestic routes, fuel surcharges will be increased and will largely cover the rise in oil prices; continued good supply and demand will help with actual transmission. For international routes, due to the significant impact of Middle Eastern conflicts on the operation of hubs like Dubai and Doha, the China-Europe routes will benefit from increased transit traffic and new international transfers, leading to a sharp rise in ticket prices, which will further offset some of the oil price increases.

Gold stocks declined, with Zhufeng Gold dropping over 12%. Following U.S. President Trump’s nationwide speech on Iran this morning, gold and silver prices plummeted. According to reports, senior technical analyst and founder of ElliottWaveTrader Avi Gilburt stated in a recent interview that he sees two completely different technical outlooks, which could ultimately push gold prices below $4,000 per ounce, even approaching $3,800.

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Editor: Hao Xinyu