[ET Net News Agency, 01 April 2026] Good news arrived on the final trading day of March for US stocks. Iranian President Masoud Pezeshkian expressed a willingness to end the war provided there are no attacks, triggering a collective explosion across global stock markets. Hong Kong stocks followed suit in a "revenge" rally; the Dow Jones Industrial Average surged over 1,000 points, Korean stocks soared 7%, and Japanese and Taiwan stocks both rose 4.4%. Hong Kong stocks relatively underperformed in comparison. The HSI opened with a gap of over 500 points, breaking through the 10-day line (approx. 25,018) and the 250-day line (approx. 25,135) in one go. However, it lacked follow-through momentum and met resistance before the 20-day line (approx. 25,372). It closed the morning session at 25,276, up 488 points or 2%, with main board turnover exceeding HKD 144.5 billion. The Hang Seng China Enterprises Index stood at 8,503, up 129 points or 1.5%. The Hang Seng TECH Index stood at 4,723, up 73 points or 1.6%.
"Wan Kong Shing: HSI continues to trade sideways with upper resistance at 27,300"
Wan Kong Shing, the Chief Investment Officer of iFAST Global Markets, told ET Net News Agency that the HSI's rebound from low levels was stimulated by signs of cooling tensions in the Middle East, noting that the views of the US and Iran on a ceasefire seem mutually aligned. The HSI reached a morning high of 25,934 points today. Wan pointed out that the HSI has generally fluctuated between the 25,300 and 27,300 range recently, and further upside will face significant resistance. Additionally, with the Easter and Ching Ming Festival long holidays approaching, investor appetite may be affected by the market closures.
Mainland China's official manufacturing PMI for March was 50.4, returning to expansion territory. Wan stated that the positive PMI data is expected to provide upward momentum for the HSI. Meanwhile, southbound capital recorded a net outflow of over HKD 3.5 billion this morning. Wan remarked that the current HSI trend is already decent, and if there are large-scale southbound inflows in the future, it would be even more beneficial for the index.
"Knowledge Atlas's loss widens but remains a market favourite"
Knowledge Atlas (02513) announced its annual results yesterday, showing a 1.3-fold increase in revenue to RMB 734 million, though the annual loss widened to RMB 4.698 billion. Gross profit was RMB 297 million, up 68.7% year-on-year, while the adjusted net loss for the year widened to RMB 3.182 billion. Knowledge Atlas recorded a jump of up to 35% this morning, hitting a record high of HKD 938.
Wan stated that Knowledge Atlas recorded significant growth in both annual revenue and gross margin, with the only flaw being the widening loss. However, he believes the market prioritises future growth potential over current losses. The market already has a certain preference for Knowledge Atlas, and the post-results share price performance reflects general satisfaction with its earnings. For the short term, Wan suggests accumulating at the low level of around HKD 730; for those already holding the stock, it can be treated as a medium to long-term holding with an upside target of HKD 1,000.
"UBTECH performance meets market expectations"
UBTECH (09880) also announced its annual results yesterday, with losses narrowing to RMB 700 million and revenue rising 53% to approximately RMB 2 billion. Notably, revenue from its full-sized embodied AI humanoid robot products and solutions grew approximately 22 times to RMB 820 million. Wan believes UBTECH's results are "acceptable" and in line with market expectations. While the share price has seen a certain rebound in the short term, he does not expect it to return to levels seen at the start of the year anytime soon, predicting the price will stabilise at the bottom of its horizontal range around HKD 105.
"Wan Kong Shing: HSI continues to trade sideways with upper resistance at 27,300"
Wan Kong Shing, the Chief Investment Officer of iFAST Global Markets, told ET Net News Agency that the HSI's rebound from low levels was stimulated by signs of cooling tensions in the Middle East, noting that the views of the US and Iran on a ceasefire seem mutually aligned. The HSI reached a morning high of 25,934 points today. Wan pointed out that the HSI has generally fluctuated between the 25,300 and 27,300 range recently, and further upside will face significant resistance. Additionally, with the Easter and Ching Ming Festival long holidays approaching, investor appetite may be affected by the market closures.
Mainland China's official manufacturing PMI for March was 50.4, returning to expansion territory. Wan stated that the positive PMI data is expected to provide upward momentum for the HSI. Meanwhile, southbound capital recorded a net outflow of over HKD 3.5 billion this morning. Wan remarked that the current HSI trend is already decent, and if there are large-scale southbound inflows in the future, it would be even more beneficial for the index.
"Knowledge Atlas's loss widens but remains a market favourite"
Knowledge Atlas (02513) announced its annual results yesterday, showing a 1.3-fold increase in revenue to RMB 734 million, though the annual loss widened to RMB 4.698 billion. Gross profit was RMB 297 million, up 68.7% year-on-year, while the adjusted net loss for the year widened to RMB 3.182 billion. Knowledge Atlas recorded a jump of up to 35% this morning, hitting a record high of HKD 938.
Wan stated that Knowledge Atlas recorded significant growth in both annual revenue and gross margin, with the only flaw being the widening loss. However, he believes the market prioritises future growth potential over current losses. The market already has a certain preference for Knowledge Atlas, and the post-results share price performance reflects general satisfaction with its earnings. For the short term, Wan suggests accumulating at the low level of around HKD 730; for those already holding the stock, it can be treated as a medium to long-term holding with an upside target of HKD 1,000.
"UBTECH performance meets market expectations"
UBTECH (09880) also announced its annual results yesterday, with losses narrowing to RMB 700 million and revenue rising 53% to approximately RMB 2 billion. Notably, revenue from its full-sized embodied AI humanoid robot products and solutions grew approximately 22 times to RMB 820 million. Wan believes UBTECH's results are "acceptable" and in line with market expectations. While the share price has seen a certain rebound in the short term, he does not expect it to return to levels seen at the start of the year anytime soon, predicting the price will stabilise at the bottom of its horizontal range around HKD 105.