Hong Kong, January 22, 2026, 16:56 (HKT)
- Hang Seng ends up 44 points at 26,629 after a choppy session; turnover at HK$234.86 billion
- Hong Kong’s December consumer prices rise 1.4% y/y; underlying inflation at 1.2%
- Baidu hits a record high; Pop Mart jumps, while mainland insurers lag
Hong Kong stocks ended slightly higher on Thursday after a choppy session, with the Hang Seng Index adding 44 points to close at 26,629. The benchmark opened up 165 points, slipped briefly into the red and recovered into the close, with turnover — the value of shares traded — at HK$234.86 billion. Baidu climbed 4% to a record high and Pop Mart jumped 6%, while China Life fell nearly 4% and Ping An lost more than 2%. 1
The mood improved after U.S. President Donald Trump ruled out using force in his push to take control of Greenland and said he would not go ahead with tariffs he had threatened against several European countries. On Wednesday, the Dow rose 1.21%, the Nasdaq added 1.18% and the S&P 500 climbed 1.16%, a Nasdaq/RTTNews report said. 2
After the Hong Kong market closed, the government reported consumer prices rose 1.4% in December from a year earlier, up from 1.2% in November, while underlying inflation — stripping out one-off relief measures — rose to 1.2%. A government spokesman said price pressures were “generally contained” and expected overall inflation to stay modest in the near term. 3
Earlier in the day, Tencent was up 0.3%, Alibaba gained 1.7% and Xiaomi rose 0.9% as tech names and financials led the opening rise, while HSBC and AIA also advanced. Gold-linked miners fell by around 2% to 3%, including Zijin Mining and Zhaojin Mining, Dim Sum Daily reported. 4
Aerospace and energy shares helped offset declines in non-ferrous metals after gold prices eased, and the Hang Seng Tech Index — a gauge of major tech stocks listed in the city — ended up 0.28%, RTHK reported. The Hang Seng China Enterprises Index, which tracks major mainland Chinese companies listed in Hong Kong, slipped 0.09%, while mainland benchmarks also closed higher. BNP Paribas Exane’s William Bratton said the firm remains positive on Chinese equities in 2026, favouring “materials, industrials and technology” over consumer sectors. 5
Kelvin Wong, a market analyst at OANDA’s MarketPulse, called the latest dip a “pullback, not a trend break,” pointing to U.S. dollar weakness as a tailwind for Hong Kong stocks. The Hang Seng is still up 3.7% year-to-date, he wrote. 6
TradingView’s Trading Economics feed noted the index had been down 0.3% at 26,514 in early trade, with declines spreading across most sectors even as Wall Street’s rebound helped cap the downside. It also said Bridgewater Associates reiterated a constructive view on mainland equities, while Zhaojin Mining, Zijin Gold International, Minimax Group and Xiaomi were among notable decliners. 7
Still, Hong Kong shares have been quick to swing on U.S. policy headlines, and another turn in tariff talk could test the market’s thin risk appetite. Investors are also watching how hard mainland regulators push tougher market policing, and whether the slide in gold keeps pressure on metals and miners.
