Hong Kong Stocks Midday Update: Hang Seng Index Falls 2.78%, DONGFANG ELEC Bucks Trend with Over 10% Gain

Stock News03-04 12:19

The Hang Seng Index in Hong Kong dropped 2.78%, losing 716 points to trade at 25,051 points, while the Hang Seng Tech Index declined by 1.96%. Morning session turnover in the Hong Kong market reached HK$207.6 billion. Large model stocks advanced against the broader market trend, with Zhipu (02513) rising more than 3.8%. MINIMAX (00100) added another 0.37%, as its performance last year exceeded expectations and the company's global competitiveness continues to strengthen. Aluminum stocks collectively moved higher amid escalating tensions in the Middle East, which raised concerns over the stability of the electrolytic aluminum supply chain. Aluminum Corporation of China (02600) gained 4.2%, and China Hongqiao (01378) increased by 3.76%.

DONGFANG ELEC (01072) surged over 10% against the downward trend, with Citigroup noting that the company has secured an order for 20 units of 50MW gas turbines. China CSSC Holdings (00317) rose 3% as heightened geopolitical risks are expected to fuel a global arms race. Jiaxin International Resources (03858) climbed more than 8%, supported by strong tungsten market conditions and institutional optimism for sustained price increases. China COSCO Shipping Energy Transportation (01138) plummeted over 11% during the session following reports that the United States is considering providing military protection and insurance for oil tankers in the Strait of Hormuz.

Airlines declined again as geopolitical tensions triggered a wave of global flight suspensions, while rising oil prices are set to exacerbate operational pressures on the aviation industry. Cathay Pacific Airways (00293) fell 4%, and China Eastern Airlines (00670) dropped 4%. Oil stocks collectively weakened, with the "big three" oil companies issuing risk warnings after former President Trump stated that he would offer naval escorts and tanker insurance. China Oilfield Services (02883) slid more than 7%, and PetroChina (00857) declined by 4.4%. Zhonggang Petroleum (00632) plunged over 38% after the Hong Kong Exchange criticized its chairman, Yu Jiyuan, for failing to properly handle oilfield assets.

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