[ET Net News Agency, 23 April 2026] The White House stated that Trump has not set a deadline for a ceasefire with Iran, expressing hope that Iran will eventually provide a consistent response. It is reported that US-Iran negotiations may resume on Friday, but Iranian negotiator Ghalibaf took a hardline stance, pointing out that the ongoing maritime blockade by the US is a blatant violation of the ceasefire agreement, making it impossible for Iran to reopen the Strait of Hormuz. Asia Pacific stock markets generally fell, with Hong Kong stocks showing the most prominent decline. The HSI closed the midday session at 25,870, down 292 points or 1.1%, losing three major moving averages: the 10 day (approx. 26,081), 50 day (approx. 25,943), and 100 day (approx. 26,097). Turnover on the Main Board exceeded HKD 142.6 billion. The Hang Seng China Enterprises Index stood at 8,714, down 87 points or 1%. The Hang Seng Tech Index was at 4,849, down 114 points or 2.3%.
"Wan Kong Shing: HK stocks lack thematic plays, but the magnitude of the correction remains reasonable; no harm in bottom fishing"
US President Trump softened his stance toward Iran, causing market risk appetite to recover and US stocks to perform well overnight. In the morning session, Asian markets generally performed well, but Hong Kong stocks diverged and underperformed as losses widened, dropping more than 300 points at the morning low and losing the 26,000 level. Furthermore, news emerged this morning that the US military intercepted at least three Iranian-flagged oil tankers in Asian waters, two of which were reportedly supertankers. This triggered a spike in oil prices during Asian hours, after which Asia Pacific markets reversed and fell. Wan Kong Shing, the Chief Investment Officer of iFAST Global Markets, told ET Net News Agency that a major reason for HK stocks underperforming regional markets is the lack of selling points. Recently, the market has chased hardware stocks like chips, with markets in Korea and Taiwan possessing heavyweight stocks that attract capital. Conversely, Hong Kong lacks equivalent stocks; relatively speaking, newly listed software stocks have been more prominent, and this misalignment with the broader market has led to weaker buying interest for HK stocks.
However, Wan believes this does not constitute selling pressure for HK stocks. The current decline is considered a reasonable adjustment range; having risen for three consecutive weeks previously, a one-week correction is not excessive. The initial adjustment target can be set around the 20 day moving average at approximately 25600. He also suggests that investors should not mind buying on dips, as the expectation for a volatile upward trend in the second quarter remains unchanged. As long as it does not fall below the 20 day moving average, the upward trend remains intact, with the expectation that the 27,000 level can still be challenged this quarter. Wan expects the full-year peak target of 31,000 to remain unchanged, but noted a major uncertainty: besides the US-Iran situation, attention should be paid to the incoming Federal Reserve Chair candidate Warsh. His hawkish stance may not necessarily push for rate hikes immediately after taking office, but one cannot expect him to continually strengthen dovish expectations.
"SMIC's "small rounded top" is slightly concerning; ASMPT's strength has yet to end, catch the 10 day moving average"
Overnight, US stocks reignited the chip craze. In addition to Texas Instruments' earnings beating expectations, Micron surged over 8% as it pushed for the US to tighten chip technology exports to Mainland China. This morning, memory leader SK Hynix announced that first-quarter operating profit surged 4.1 times, also beating market expectations, which drove buying interest in chip stocks. However, affected by the Micron news and overall market pressure, major Chinese chip stocks like SMIC (00981) and Hua Hong (01347) were under significant pressure this morning.
Wan noted that Micron's push for crackdowns on Mainland China has always been the case, and stocks like SMIC will indeed be affected, triggering the current pullback. He stated that SMIC's correction can currently be viewed as in sync with the broader market, with the 20 day moving average as initial support. However, caution is needed as the technical trend is forming a "small rounded top" capped by the 250 day moving average. If the 20 day moving average or even the key level of HKD 52.6 is not held, the market may fall below the previous low of HKD 49.32. Shareholders should monitor this closely.
As for ASMPT (00522), which has more overseas business, it showed further strength after its recent results, hitting a record high of HKD 163.6 this morning. Wan mentioned that a correction after days of strength is very reasonable, with an initial short-term correction target at the 10 day moving average of around HKD 135. Given the stock involves hot themes like lithography machines and optical communications, it would not be surprising to see it rise to the HKD 180 to 200 level after a correction. Even at the current price, there is still a potential 20% upside, so investors may look for opportunities on dips.
"Wan Kong Shing: HK stocks lack thematic plays, but the magnitude of the correction remains reasonable; no harm in bottom fishing"
US President Trump softened his stance toward Iran, causing market risk appetite to recover and US stocks to perform well overnight. In the morning session, Asian markets generally performed well, but Hong Kong stocks diverged and underperformed as losses widened, dropping more than 300 points at the morning low and losing the 26,000 level. Furthermore, news emerged this morning that the US military intercepted at least three Iranian-flagged oil tankers in Asian waters, two of which were reportedly supertankers. This triggered a spike in oil prices during Asian hours, after which Asia Pacific markets reversed and fell. Wan Kong Shing, the Chief Investment Officer of iFAST Global Markets, told ET Net News Agency that a major reason for HK stocks underperforming regional markets is the lack of selling points. Recently, the market has chased hardware stocks like chips, with markets in Korea and Taiwan possessing heavyweight stocks that attract capital. Conversely, Hong Kong lacks equivalent stocks; relatively speaking, newly listed software stocks have been more prominent, and this misalignment with the broader market has led to weaker buying interest for HK stocks.
However, Wan believes this does not constitute selling pressure for HK stocks. The current decline is considered a reasonable adjustment range; having risen for three consecutive weeks previously, a one-week correction is not excessive. The initial adjustment target can be set around the 20 day moving average at approximately 25600. He also suggests that investors should not mind buying on dips, as the expectation for a volatile upward trend in the second quarter remains unchanged. As long as it does not fall below the 20 day moving average, the upward trend remains intact, with the expectation that the 27,000 level can still be challenged this quarter. Wan expects the full-year peak target of 31,000 to remain unchanged, but noted a major uncertainty: besides the US-Iran situation, attention should be paid to the incoming Federal Reserve Chair candidate Warsh. His hawkish stance may not necessarily push for rate hikes immediately after taking office, but one cannot expect him to continually strengthen dovish expectations.
"SMIC's "small rounded top" is slightly concerning; ASMPT's strength has yet to end, catch the 10 day moving average"
Overnight, US stocks reignited the chip craze. In addition to Texas Instruments' earnings beating expectations, Micron surged over 8% as it pushed for the US to tighten chip technology exports to Mainland China. This morning, memory leader SK Hynix announced that first-quarter operating profit surged 4.1 times, also beating market expectations, which drove buying interest in chip stocks. However, affected by the Micron news and overall market pressure, major Chinese chip stocks like SMIC (00981) and Hua Hong (01347) were under significant pressure this morning.
Wan noted that Micron's push for crackdowns on Mainland China has always been the case, and stocks like SMIC will indeed be affected, triggering the current pullback. He stated that SMIC's correction can currently be viewed as in sync with the broader market, with the 20 day moving average as initial support. However, caution is needed as the technical trend is forming a "small rounded top" capped by the 250 day moving average. If the 20 day moving average or even the key level of HKD 52.6 is not held, the market may fall below the previous low of HKD 49.32. Shareholders should monitor this closely.
As for ASMPT (00522), which has more overseas business, it showed further strength after its recent results, hitting a record high of HKD 163.6 this morning. Wan mentioned that a correction after days of strength is very reasonable, with an initial short-term correction target at the 10 day moving average of around HKD 135. Given the stock involves hot themes like lithography machines and optical communications, it would not be surprising to see it rise to the HKD 180 to 200 level after a correction. Even at the current price, there is still a potential 20% upside, so investors may look for opportunities on dips.
