Hong Kong stocks performed impressively today. On February 23, they carried forward the strength of the US stock ADRs from last Friday (February 20), and this morning (February 23) briefly reclaimed the important level of 27,000 points, showing a significant rebound just before the reopening of A-shares on February 24. The tech sector, which has been weak since the start of the year, collectively rebounded today, with Meituan surging over 6% at one point, significantly improving market sentiment. Although the first trading day of the Year of the Horse did not end with a bullish close, the strong rally on the second trading day successfully reversed the weak trend seen earlier in the year. Today’s article will analyze the potential short-term trends in Hong Kong stocks and focus on key highlights and investment opportunities in tech stocks.
Performance and market outlook for Hong Kong stocks since the start of the year
The performance of Hong Kong stocks in 2026 can be described as 'indescribable,' with large-cap tech platform stocks generally weak. $Hang Seng Index (800000.HK)$ After reaching a high of 28,056 points on January 29, the market has continued to fall, with particularly disappointing performance in the tech sector. Market attention has revolved around price wars and internal competition. $Hang Seng TECH Index (800700.HK)$ From the high of 6,715 points on October 2 last year, it plummeted to a low of 5,211 points on February 20, accumulating a drop of more than 22.4%, once triggering perceptions of a technical bear market.
This wave of weakness has been concentrated among the core constituents of the Hang Seng Index and the Technology Index, leading to poor index performance. After the opening of the Year of the Horse, the Hang Seng Index even formed a bearish 'head and shoulders' pattern, further dampening market sentiment...