Hang Seng closes 136 points lower as tech stocks retreat
Published on 10/29/2026 at 13:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSTech selling and defensive rotation
- Hang Seng closed at 22,959 points on October 29, down 136 points or 0.6 percent.
- AI hardware selling pushed the Hang Seng Tech Index down 2.8 percent.
- SMIC fell 5.9 percent, while PetroChina gained 2.9 percent.
- China's official October manufacturing PMI is due October 31 at 9:30 a.m. HKT.
The Hang Seng closed at 22,959 points on October 29, losing 136 points or 0.6 percent. AI hardware selling outweighed early gains as technology shares retreated across Hong Kong and mainland China, Xinhua reported.
SMIC fell 5.9 percent after chip and optical hardware stocks weakened. PetroChina gained 2.9 percent after reporting third-quarter revenue of RMB 793.573 billion and attributable profit of RMB 51.84 billion, Futunn reported.
Why did the Hang Seng fall below 23,000?
The index opened at 23,088 points and briefly reached 23,184 points before turning lower. The Hang Seng Tech Index dropped 2.8 percent, while the Shanghai Composite fell 0.8 percent, according to Futunn.
Alibaba fell 2.8 percent and Tencent lost 2.6 percent. The market rotated toward financial and energy shares as investors reassessed the returns from large artificial-intelligence investments.
Hang Seng movers on October 29
Constituent moves at the close were reported by Futunn:
- PetroChina up 2.9 percent: third-quarter profit rose 21.6 percent year over year.
- China Life up 2.5 percent: insurance shares advanced broadly.
- China Construction Bank up 2.1 percent: financial stocks benefited from the defensive rotation.
- SMIC down 5.9 percent: semiconductor shares weakened.
- Alibaba down 2.8 percent: heavyweight technology shares came under pressure.
- Tencent down 2.6 percent: technology stocks retreated across the market.
What comes next for the Hang Seng?
China's official October manufacturing and non-manufacturing purchasing managers' indexes are scheduled for October 31 at 9:30 a.m. HKT. The manufacturing reading is expected at 50.1 and the non-manufacturing reading at 50.5, Capital Street FX reported.
Hang Seng price data for October 29, 2026
The Hang Seng closed at 22,958.65 points on October 29, down 136.18 points or 0.59 percent from the previous close of 23,094.83 points, Xinhua reported. It opened at 23,088.14 points and reached 23,184 points during the session.
Hang Seng by the numbers on October 29, 2026
- Index: Hang Seng
- Home exchange: Hong Kong Stock Exchange, Hong Kong
- Close on October 29, 2026: 22,959 points
- Change versus previous close of October 28, 2026: down 136 points (down 0.6 percent)
- Previous close: 23,095 points
- Open: 23,088 points
- Top gainer: PetroChina up 2.9 percent
- Top loser: SMIC down 5.9 percent
- Next scheduled event: October 31, 2026, 9:30 a.m. HKT: China's official October purchasing managers' indexes
