[ET Net News Agency, 27 February 2026] Overnight, Wall Street once again sparked
concerns over an AI bubble, with technology stocks falling. Despite Nvidia's stellar
results, its share price still slumped by more than 5% after hours. The Nasdaq fell over
1%, leading the losses among the three major US indices. The Hang Seng Index opened higher
by several dozen points but traded choppily in the morning, at one point briefly dipping
into negative territory. However, blue chips like Tencent (00700) exerted strength, and
gains in companies reporting strong results also helped lift the index further. By midday,
the HSI closed at 26,578, rising 197 points or 0.7%, with main board turnover exceeding
HKD 121.8 billion. The Hang Seng China Enterprises Index stood at 8,849, up 35 points or
0.4%. The Hang Seng Tech Index closed at 5,162, up 53 points or 1%.

"Wong Wai Ho: HSI's 100 SMA coincides with head-and-shoulders neckline; if breached, to
test 25,100"

Nvidia's revenue and profit for last quarter both beat expectations and even its
guidance surpassed market forecasts, but the stock was dragged down by concerns over AI
substitution, with the market worried about weakening demand. As a result, Nvidia tumbled
more than 5% post-results, which led the Nasdaq to drop over 1% overnight. Recently, Hong
Kong stocks have also been affected by the softening sentiment around traditional tech
names. Yesterday, the HSI initially rose before falling sharply and testing the 100-day
moving average. After two consecutive heavy northbound net outflows, this morning saw
clear support near the 100-day line, with heavyweight tech stocks pushing the index nearly
200 points higher by midday. Wong Wai Ho, the First Vice President of the Yan Yun Family
Office (HK) Limited, told ET Net News Agency that the 100-day moving average is very
critical for Hong Kong stocks in the short term. Technically, the 26,300 level is not only
the 100-day line, but also the neckline of the head-and-shoulders pattern formed earlier
this year, making it important to hold above this level. He noted that US equity
volatility in the short term, as well as fluctuations in Trump's geopolitical policies,
have led the market to watch both overseas developments and the direction of policies
after China's Two Sessions. He expects the market to continue moving sideways between
26,300 and 27,000 in the near term.
However, Wong Wai Ho also pointed out that with earnings season underway, volatility in
Hong Kong stocks could increase, and there is a significant chance of breaking below the
100-day moving average. If that happens, support would shift down to last year's Q4 low at
25,100. Even if the broader market remains weak, he is not overly pessimistic about large
tech stocks. The market remains hopeful for more robust policies after the Two Sessions,
especially as the consensus is that mainland policy support this year will be stronger
than last. Internationally, he believes that as the US midterm elections approach in the
second half, Trump will likely maintain stability, meaning negative actions, especially
those impacting the US domestic scene, will be reduced, hence he expects the outlook for
the second half of the year to be relatively optimistic. He acknowledges that in the short
term, it makes sense to reduce tech holdings, but he does not see reason to be too bearish
on a medium- to long-term basis.

"Reservations on SHK PPT's sustained strong growth, trust in Sino Land's cash prowess,
margin expansion expected"

SHK PPT (00016) announced interim results for the period ended last December, with a
36.2% increase in net profit to HKD 10.247 billion and a 32% rise in revenue to HKD 52.705
billion; its interim dividend was increased by 3% to 98 cents. Property sales were
particularly notable, with segment profit surging 95% to HKD 4.885 billion, which the
market generally attributes to strong sales at the Sierra Sea Phase II project in Sai Sha,
with further positive contributions expected in the second half of the fiscal year.
However, the surprise in SHK PPT's results was widely anticipated by the market, with the
share price climbing over 50% in just two months since last month.
Wong Wai Ho considers it a losing proposition to become interested in SHK PPT only at
current prices, the 50% rise has already reflected most positives, leaving limited further
upside. He suggests it is not advisable to chase the stock at current levels if not
already holding, but advises existing holders to continue holding as long as the price
does not fall below the 20-day moving average, as the strong uptrend remains in place.
Regarding SHK PPT's robust sales growth, Wong Wai Ho explained that besides the low base
effect, the accounting efficiency of individual developers also helps bring sales numbers
quickly into reported results. He is cautious about whether SHK PPT can maintain such
strong growth, but agrees with the general market view that the property market is poised
for a mild recovery this year. While further upside may be limited, the market is likely
to see a stable, gradual upward trend, which is favourable for property developers. While
SHK PPT's share price has soared, other property developers in the sector have also
rallied on expectations of a housing rebound. Wong Wai Ho believes that, benefitting from
a property market turnaround, select other developers will also deliver good results.
Among those about to report, Sino Land (00083) is also worth watching. The company has
always maintained solid fundamentals, boasting low debt and high cash balances, outpacing
all local peers. In terms of sales, although Sino Land's projects are not as large in
scale as SHK PPT's, most are positioned at the medium-to-high end, with higher selling
prices and gross margins. This makes Sino Land another strong property stock choice beyond
SHK PPT.