HSI Ends Down 58 pts; PETROCHINA Surges Nearly 4%

The market continued to monitor developments in the meeting between Chinese and US leaders and the situation in the Middle East. The Hang Seng Index (HSI) opened up 90 pts this morning (12th) but traded choppily before turning lower in the afternoon. The HSI closed at 26,347 pts, down 58 pts or 0.22%, with full-day turnover of HKD262.647 billion. The HSCEI closed at 8,882 pts, down 1 pt or 0.02%. The HSTECH closed at 5,070 pts, down 35 pts or 0.7%.Leading tech stocks were mixed. KUAISHOU-W (01024.HK) +1.000 (+1.938%) Short selling $1.21B; Ratio 22.108% , which was rumored to spin off its Kling AI video business for listing, announced at noon that it is evaluating a proposed restructuring plan involving Kling AI-related assets and operations and may introduce external financing. KUAISHOU-W once surged 11% intraday and eventually closed up 1.94% at HKD52.6. BABA-W (09988.HK) -0.600 (-0.448%) Short selling $702.09M; Ratio 24.787% closed at HKD133.3, down 0.45%. Citi reiterated its Buy rating on the stock and named it as its top pick in Chinas artificial intelligence sector. TENCENT (00700.HK) -7.200 (-1.550%) Short selling $519.40M; Ratio 13.392% fell 1.55% to HKD457.2. JD-SW (09618.HK) -0.100 (-0.084%) Short selling $86.92M; Ratio 46.815% , which will announce its 1Q26 results after market close today, edged down 0.1%.POP MART (09992.HK) -4.500 (-2.688%) Short selling $305.86M; Ratio 24.153% closed at HKD162.9, down 2.69%, after several brokers including UBS, M Stanley and Deutsche Bank lowered their TP and earnings forecasts amid concerns over slowing overseas demand and fading popularity of Labubu.Among other blue chips, HSBC HOLDINGS (00005.HK) -2.600 (-1.841%) Short selling $158.28M; Ratio 50.267% closed at HKD138.6, down 1.84%. LENOVO GROUP (00992.HK) -0.460 (-3.430%) Short selling $174.19M; Ratio 33.742% dropped 3.43% to HKD12.95, making it the worst-performing blue chip. XINYI GLASS (00868.HK) +0.490 (+4.529%) Short selling $29.67M; Ratio 68.700% was the best performer, rising 4.53% to HKD11.31.Energy stocks strengthened as Iran threatened to raise uranium enrichment purity to weapons-grade levels if attacked again. PETROCHINA (00857.HK) +0.420 (+3.947%) Short selling $230.14M; Ratio 49.394% climbed 3.9% to HKD11.06. CNOOC (00883.HK) +0.320 (+1.203%) Short selling $124.05M; Ratio 22.433% rose 1.2%, while SINOPEC CORP (00386.HK) +0.020 (+0.435%) Short selling $66.14M; Ratio 45.494% edged up 0.45%.Among active movers, MOST KWAI CHUNG (01716.HK) +2.310 (+31.471%) surged sharply to close at HKD9.65, up 31.47%. HENGRUI PHARMA (01276.HK) +3.200 (+4.845%) Short selling $73.65M; Ratio 43.095% once jumped 16.2% in the afternoon before trimming gains to close at HKD69.25, up 4.8%, after announcing a global strategic cooperation agreement with Bristol Myers Squibb, involving related payments of USD950 million. DEEPEXI TECH (01384.HK) +7.700 (+12.300%) closed at HKD70.3, up 12.3%, after its founder published an article highlighting the importance of memory mechanisms in intelligent agent platforms. YOFC (06869.HK) +11.800 (+4.549%) Short selling $186.38M; Ratio 7.129% rose 4.55% to HKD271.2 after G Sachs raised its TP. TIME INTERCON (01729.HK) -2.420 (-9.959%) Short selling $372.09M; Ratio 59.038% fell 9.96% to HKD21.88 after announcing a share placement at a 13.6% discount.