[ET Net News Agency, 17 November 2025] Ongoing external uncertainty continues to weigh
on Hong Kong equities, with the Hang Seng Index drifting ever further from the 27,000
mark. Even the intraday launch of Alibaba's (09988) new "Qianwen" app failed to spark a
turnaround in sentiment. By the midday break, the HSI stood at 26,359, down 213 points or
0.8 percent, breaching the previous day's heavy CBBC concentration at 26,400-26,499. The
20-day (approx. 26,290) and 50-day (approx. 26,283) moving averages are now providing a
technical safety net. The Hang Seng China Enterprises Index closed at 9,323, down 74
points or 0.8 percent, while the Hang Seng Tech Index fell to 5,743, down 69 points or 1.2
percent.

"Kwok Ka Yiu: HSI 26,000 remains key support amid uncertainty"

Market sentiment remains subdued, and the HSI's decline has continued. Kwok Ka Yiu, the
Director of Business Development at Harbour Family Office, told ET Net News Agency that
investors are currently focused on two main factors: firstly, there remains a split over
whether the US will cut rates in December, with CME FedWatch showing the probability at
50-50, this uncertainty continues to weigh on the market. Secondly, third-quarter tech
earnings have been lacklustre overall, and markets are questioning whether there is a
bubble forming in AI-related stocks. Certain second- and third-tier tech shares have
already seen significant corrections, with limited further upside catalysts, so investors
should watch subsequent trends closely. The prevailing investment style is expected to
remain cautious through year-end.
From a technical perspective, Kwok noted that the 26,000 level has previously provided
robust support for the HSI, and should continue to act as near-term support, while
resistance near 27,000 will remain significant. For today, 26,200 is likely to serve as a
strong support level.
Kwok added that if the upcoming US non-farm payrolls data comes in slightly weaker (but
not indicative of severe recession), it would strengthen expectations for a rate cut and
help bolster market sentiment.

"Tourism stocks under short-term pressure, but impact seen as limited"

China's Ministry of Culture and Tourism has issued a travel alert, citing worsening
public safety in Japan this year and recent provocative comments by Japanese leaders,
which have further soured China-Japan relations and raised security concerns for Chinese
nationals in Japan. The advisory urges Chinese citizens to avoid travel to Japan for the
time being. The news weighed on travel platform Trip.com (09961), whose shares fell 4.86
percent to HKD 548 by midday, making it the worst-performing blue chip of the morning.
Kwok commented that this development is likely to influence market sentiment only in the
short term and is not expected to have a lasting negative impact on travel platform
stocks. Most travellers are likely to adjust their plans rather than cancel outright, so
the effect on platforms' long-term earnings and share prices should be limited. He expects
related stocks to rebound in due course. Kwok remains optimistic on Trip.com's long-term
prospects, highlighting its strong performance in both product offerings and business
expansion, making it a solid long-term holding.