Market Updates
Weak Mining and Telecom Stocks Dragged Down China Stocks Lower
Li Chen
02 Feb, 2026
Hong Kong
Stocks in China turned lower, and investors reacted to corporate earnings and took additional profit in precious metals.
The Hang Seng Index decreased 2.4%, and the CSI 300 Index fell 1% amid lowered profit expectations.
Last week, world markets advanced ahead of a flood of corporate results and steady foreign fund flows in Asia and emerging markets.
However, market sentiment turned cautious amid growing earnings anxieties and reduced appetite for precious metals after the Shanghai Gold Exchange increased margin requirements and revised daily price limits for silver futures contracts.
China Indexes and Stocks
The Hang Seng Index decreased 2.4% to 26,730.78, and the CSI 300 Index declined 1% to 4,656.16.
In metals trading, gold decreased 5.4% to $4652.0 an ounce, and silver decreased 10.9% to $75.91 an ounce.
Zijin Mining Group declined 5% to HK $39.18, and Zijin Gold International dropped 6.2% to HK $205.0.
BYD declined 8.2% to HK $80.0 after the electric vehicle maker reported a 30% decline in sales in January.
Wireless telecom service providers slumped after the telecom authority raised the value-added tax to 9% from the current 6%.
China Unicom dropped 8.2% to HK $7.30, and China Telecom fell 6.1% to HK $5.01.
Annual Returns
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Earnings
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