Hong Kong Market Midday Update: Hang Seng Index Drops 1.12% in Morning Session, Coal Stocks Buck the Trend

Stock News04-23 12:12

The Hang Seng Index declined by 1.12%, shedding 292 points to reach 25,870. The Hang Seng Tech Index fell by 2.31%. Morning session turnover reached HK$142.6 billion.

LOPAL TECH (02465) surged over 11% again, as the company secured a stable supply agreement for the next decade from the Manna lithium mine in Western Australia. Coal stocks advanced against the broader market trend. High global uncertainties are making coal chemical production the most flexible variable in current coal demand. YANCOAL AUS (03668) rose 5.15%, while YANKUANG ENERGY (01171) gained 4.62%.

AUNTEA JENNY (02589) climbed over 6% after shareholders voluntarily extended their share lock-up period, demonstrating confidence in the company's development and raising expectations for store expansion by 2026. CHINA OILFIELD (02883) rose more than 6% following its earnings report; although geopolitical tensions have impacted drilling platform operational days, the company's global competitiveness is gradually strengthening.

SHANDONG MOLONG (00568) jumped over 17% as ongoing tensions between the US and Iran pushed Brent crude oil prices back above $100 per barrel. XUANZHUBIO-B (02575) increased over 6% after preliminary results from the Phase 1b FORTRESS study for NG-350A were presented at the 2026 AACR conference. EAST BUY (01797) gained over 3% after six of its self-operated health food products received the national "Blue Hat" certification.

Automobile stocks led the declines. A wave of price increases has swept through the automotive supply chain, with new energy vehicle prices rising notably. XPENG-W (09868) fell 6%, and GWMOTOR (02333) declined 2.63%.

Spot gold dropped below the $4,700 per ounce mark. CHIFENG GOLD (06693) fell 6.9%, and LINGBAO GOLD (03330) dropped over 8%. LAOPU GOLD (06181) declined another 3% as Citigroup noted the recent drop in gold prices has led to a loss of entry-level, price-sensitive customers.

Airlines stocks fell again. Passenger volume and seat occupancy rates declined during the Labour Day holiday, with high fuel surcharges and ticket prices impacting demand. CHINA EAST AIR (00670) dropped 7.5%, and CHINA SOUTH AIR (01055) fell 3.98%.

NUOBIKAN (02635) plunged another 13%, having halved from its high on Monday, the same day the stock was officially added to the Southbound Stock Connect scheme.

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