HKEX Monthly Market Highlights

Highlights

- Securities Market

Market capitalisation was $36.9 trillion at the end of March 2023, an increase of 3 per cent from $35.8 trillion at the end of February 2023.
The average daily turnover in March 2023 was $126.5 billion, an increase of 7 per cent when compared with $118.4 billion in February 2023.
The average daily turnover of ETFs for the first three months of 2023 was $12.1 billion, an increase of 29 per cent when compared with $9.4 billion for the same period last year.
The average daily turnover of L&I Products for the first three months of 2023 was $2.4 billion, an increase of 33 per cent when compared with $1.8 billion for the same period last year.
The average daily turnover of Debt Securities for the first three months of 2023 was $610 million, an increase of 2 per cent when compared with $600 million for the same period last year.
There were 18 newly listed companies for the first three months of 2023, with 17* for the same period last year.

- Derivatives Market

The average daily volume of futures and options for the first three months of 2023 was 1,418,700 contracts, an increase of 6 per cent when compared with the 1,342,258 contracts for the same period last year.
The average daily volume of equity index futures for the first three months of 2023 was 574,279 contracts, an increase of 3 per cent when compared with the 556,723 contracts for the same period last year.
The average daily volume of equity index options for the first three months of 2023 was 156,157 contracts, an increase of 32 per cent when compared with the 118,329 contracts for the same period last year.
The average daily volume of Stock Options for the first three months of 2023 was 665,210 contracts, an increase of 4 per cent when compared with the 637,181 contracts for the same period last year.
The average daily volume of RMB Currency Futures for the first three months of 2023 was 14,812 contracts, an increase of 4 per cent when compared with the 14,281 contracts for the same period last year.
The monthly volume of MSCI India (USD) Index Futures reached a record high of over 25,000 contracts, with a record daily volume of 2,657 contracts on 24 March.
On 27 March 2023, the volume of Hang Seng TECH Index Futures reached a record high of 309,761 contracts.
On 13 March 2023, the volume of MSCI China Net Total Return (USD) Index Futures reached a record high of 39,096 contracts.

* Includes any transfers of listing from GEM to Main Board

Listed Securities (Main Board and GEM)

Month-end figures

	Mar 2023	Mar 2022	End 2022
No. of listed companies	2,603	2,573	2,597
Total market capitalisation ($Bil.)	36,902.3	38,931.4	35,666.8
No. of newly listed companies *	8	10	90
No. of listed securities	15,417	18,150	15,274
No. of SPAC shares	5	1	5
No. of equity warrants (excluding SPAC warrants)	2	3	2
No. of SPAC warrants	5	1	5
No. of derivatives warrants	6,514	8,912	6,731
No. of inline warrants	7	64	28
No. of CBBCs	4,390	4,616	3,979
No. of unit trusts	189	173	191
No. of debt securities	1,701	1,796	1,735

* Includes the number of transfer of listings from GEM to Main Board

Number of Newly Listed Securities (Main Board and GEM)

	Mar 2023	Mar 2022	2022
Derivatives warrants	837	1,431	11,874
CBBCs	2,510	5,469	35,017
Unit trusts	3	4	29
Debt securities	21	59	368

Securities Market Turnover (Main Board and GEM)

	Mar 2023	Feb 2023	% Change
Monthly turnover ($Mil.) *	2,910,154	2,367,628	22.9%
Average daily turnover by value ($Mil.) *	126,528	118,381	6.9%
No. of trading days	23	20	-

* Turnover value for securities traded in non-Hong Kong dollar currency have been included

Turnover by Type of Securities (Main Board and GEM)

	Mar 2023 ($Mil)	Feb 2023 ($Mil)	% Change
Equities	2,250,377.41 (77.3%)	1,790,247.62 (75.6%)	25.7%
Derivative warrants	140,925.13 (4.8%)	121,825.36 (5.1%)	15.7%
CBBCs	183,628.86 (6.3%)	137,293.39 (5.8%)	33.7%
Inline warrants	1.26 (0.0%)	2.14 (0.0%)	-41.1%
Unit trusts (include ETFs)	316,677.86 (10.9%)	306,679.45 (13.0%)	3.3%

Mar 2023

($Mil)

Feb 2023

($Mil)

% Change

Equities

2,250,377.41

(77.3%)

1,790,247.62

(75.6%)

25.7%

Derivative warrants

140,925.13

(4.8%)

121,825.36

(5.1%)

15.7%

CBBCs

183,628.86

(6.3%)

137,293.39

(5.8%)

33.7%

Inline warrants

1.26

(0.0%)

2.14

(0.0%)

-41.1%

Unit trusts

(include ETFs)

316,677.86

(10.9%)

306,679.45

(13.0%)

3.3%

( ) % of market total
Turnover value for securities traded in non-Hong Kong dollar currency have been included

ATS Transactions

The total turnover of automated trading services’ (ATS) transactions for Mar 2023 was $37,935 million (1.3% of the securities market total turnover).

Mainland Enterprises (Main Board and GEM)

Month-end figures

	Mar 2023	Mar 2022	End 2022
No. of H shares	320	301	316
No. of Red chips Stocks	176	175	174
No. of Mainland private enterprises	927	895	919
Market capitalisation (% of market total)	77.7%	77.4%	76.9%
Turnover value (% of equity turnover)	87.4%	87.3%	87.3%

Index Performance

Month-end figures

	Mar 2023	% Change over 1 Month	% Change over 12 Months
S&P/HKEX LargeCap Index	29783.70	4.7%	-6.0%
S&P/HKEX GEM Index	37.12	-6.8%	-12.2%
Hang Seng Index	20400.11	3.1%	-7.3%
Hang Seng China Enterprises Index	6968.86	5.9%	-7.4%
Hang Seng China-Affiliated Corporations Index*	3955.42	2.6%	-0.2%
CES China 120 Index ^	5823.90	2.2%	-2.7%
CESChina HK Mainland Index +	5613.21	6.1%	-10.1%

* - tracks Red chips
^ - tracks 80 Mainland-listed companies and 40 Hong Kong-listed Mainland enterprises
+ - tracks 40 Hong Kong-listed Mainland enterprises

Derivatives Market Turnover

	Average Daily Volume (Contracts)*
	Mar 2023	Feb 2023	% Change
Total Futures	625,869	572,820	9.3%
Hang Seng Index Futures	152,212	140,776	8.1%
Mini Hang Seng Index Futures	105,430	98,034	7.5%
HSI (Gross Total Return Index) Futures	0	0	-
HSI (Net Total Return Index) Futures	0	0	-
Hang Seng China Enterprises Index Futures	194,743	191,297	1.8%
Mini-Hang Seng China Enterprises Index Futures	11,230	10,871	3.3%
HSCEI (Gross Total Return Index) Futures	0	0	-
HSCEI (Net Total Return Index) Futures	0	0	-
HSI Dividend Point Index Futures	43	303	-85.8%
HSCEI Dividend Point Index Futures	1,792	805	122.6%
HSI Volatility Index Futures	0	0	-
Hang Seng TECH Index Futures	113,760	92,703	22.7%
MSCI AC Asia ex Japan NTR Index Futures	59	15	293.3%
MSCI Australia Net Total Return (USD) Index Futures	0	0	-
MSCI China A 50 Connect (USD) Index Futures	8,884	10,145	-12.4%
MSCI China (USD) Index Futures	3	1	200.0%
MSCI China Net Total Return (USD) Index Futures	4,563	735	520.8%
MSCI EM Asia ex China Net Total Return (USD) Index Futures	0	0	-
MSCI EM Asia ex Korea Net Total Return (USD) Index Futures	0	0	-
MSCI EM Asia Net Total Return (USD) Index Futures	1	2	-50.0%
MSCI EM EMEA Net Total Return (USD) Index Futures	0	0	-
MSCI EM ex China Net Total Return (USD) Index Futures	0	0	-
MSCI EM ex Korea Net Total Return (USD) Index Futures	0	0	-
MSCI EM LatAm Net Total Return (USD) Index Futures	0	0	-
MSCI Emerging Markets (USD) Index Futures	0	0	-
MSCI Emerging Markets Net Total Return (USD) Index Futures	10	2	400.0%
MSCI Hong Kong Net Total Return (USD) Index Futures	198	19	942.1%
MSCI India (USD) Index Futures	1,119	0	-
MSCI India Net Total Return (USD) Index Futures	57	58	-1.7%
MSCI Indonesia (USD) Index Futures	0	0	-
MSCI Indonesia Net Total Return (USD) Index Futures	41	12	241.7%
MSCI Japan (JPY) Index Futures	0	0	-
MSCI Japan Net Total Return (JPY) Index Futures	0	0	-
MSCI Japan Net Total Return (USD) Index Futures	2	0	-
MSCI Malaysia (USD) Index Futures	0	0	-
MSCI Malaysia Net Total Return (USD) Index Futures	30	0	-
MSCI New Zealand Net Total Return (USD) Index Futures	0	0	-
MSCI Pacific ex Japan Net Total Return (USD) Index Futures	0	0	-
MSCI Pacific Net Total Return (USD) Index Futures	0	0	-
MSCI Philippines (USD) Index Futures	0	0	-
MSCI Philippines Net Total Return (USD) Index Futures	1	1	0.0%
MSCI Singapore Free (SGD) Index Futures	2	0	-
MSCI Singapore Free Net Total Return (USD) Index Futures	0	0	-
MSCI Singapore Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan (USD) Index Futures	5,895	5,295	11.3%
MSCI Taiwan 25/50 (USD) Index Futures	16	16	0.0%
MSCI Taiwan 25/50 Net Total Return (USD) Index Futures	0	0	-
MSCI Taiwan Net Total Return (USD) Index Futures	1,035	0	-
MSCI Thailand (USD) Index Futures	0	0	-
MSCI Thailand Net Total Return (USD) Index Futures	145	11	1218.2%
MSCI Vietnam (USD) Index Futures	0	0	-
MSCI Vietnam Net Total Return (USD) Index Futures	0	0	-
CES China 120 Index Futures	0	0	-
Hang Seng Mainland Banks Index Futures	0	0	-
Stock Futures	7,543	6,199	21.7%
3-Month HIBOR Futures	3	1	200.0%
1-Month HIBOR Futures	1	11	-90.9%
RMB Currency Futures - USD/CNH Futures	12,657	11,896	6.4%
RMB Currency Futures - Mini USD/CNH Futures	3,395	2,669	27.2%
RMB Currency Futures - EUR/CNH Futures	11	2	450.0%
RMB Currency Futures - JPY/CNH Futures	0	0	-
RMB Currency Futures - AUD/CNH Futures	0	0	-
RMB Currency Futures - CNH/USD Futures	8	1	700.0%
INR Currency Futures - INR/USD Futures	969	938	3.3%
INR Currency Futures - INR/CNH Futures	0	0	-
USD Gold Futures	11	2	450.0%
CNH Gold Futures	0	0	-
USD Silver Futures	0	0	-
CNH Silver Futures	0	0	-
Iron Ore Futures – Monthly Contracts	0	0	-
Iron Ore Futures – Quarterly Contracts	0	0	-
CNH London Aluminium Mini Futures	0	0	-
CNH London Zinc Mini Futures	0	0	-
CNH London Copper Mini Futures	0	0	-
CNH London Lead Mini Futures	0	0	-
CNH London Nickel Mini Futures	0	0	-
CNH London Tin Mini Futures	0	0	-
USD London Aluminium Mini Futures	0	0	-
USD London Zinc Mini Futures	0	0	-
USD London Copper Mini Futures	0	0	-
USD London Lead Mini Futures	0	0	-
USD London Nickel Mini Futures	0	0	-
USD London Tin Mini Futures	0	0	-
Total Options	888,017	758,592	17.1%
Hang Seng Index Options	27,723	24,056	15.2%
Mini Hang Seng Index Options	16,118	13,704	17.6%
Weekly Hang Seng Index Options	14,190	12,266	15.7%
Flexible Hang Seng Index Options	0	0	-
Hang Seng Index Futures Options	4,602	4,238	8.6%
Hang Seng China Enterprises Index Options	55,838	48,216	15.8%
Mini-Hang Seng China Enterprises Index Options	5,309	3,093	71.6%
Weekly Hang Seng China Enterprises Index Options	3,702	2,641	40.2%
Flexible Hang Seng China Enterprises Index Options	0	0	-
Hang Seng China Enterprises Index Futures Options	36,283	38,223	-5.1%
Hang Seng TECH Index Options	3,283	2,053	59.9%
Hang Seng TECH Index Futures Options	1,267	442	186.7%
MSCI Taiwan (USD) Index Options	0	0	-
Stock Options	719,685	609,632	18.1%
RMB Currency Options - USD/CNH Options	17	28	-39.3%
Total Futures and Options	1,513,886	1,331,412	13.7%

* Total average daily volume is the sum of the respective average volume of the individual products

Clearing and Settlement

CCASS Statistics (securities market)	Mar 2023	Feb 2023	% Change
Average daily number of exchange trades settled by CCASS	2,241,468	2,133,388	5.07%
Average daily number of settlement instructions (“SIs”) settled by CCASS	107,284	105,644	1.55%
Average daily number of investor SIs (“ISIs”) settled by CCASS	156	161	-3.11%
Average daily settlement efficiency of CNS stock positions on due day (T+2)	99.93	99.91	N/A
Shares deposited in the CCASS depository – % of total issued shares – % of the total market capitalisation	75.80 63.88	75.13 63.16	N/A N/A
DCASS Statistics (derivatives market)	Mar 2023	Feb 2023	% Change
Month-end Open Interest (contracts)
– Equity Index Futures	1,141,859	1,021,937	11.7%
– Stock Futures	32,987	30,030	9.8%
– Interest Rates Futures	255	240	6.3%
– RMB Currency Futures	22,762	24,879	-8.5%
– INR Currency Futures	169	196	-13.8%
– Gold Futures	25	225	-88.9%
– Silver Futures	0	0	-
– Iron Ore Futures	0	0	-
– London Metal Mini Futures	0	0	-
– Equity Index Options	2,514,983	2,788,958	-9.8%
– Stock Options	9,973,997	10,060,090	-0.9%
– RMB Currency Options	1,054	1,158	-9.0%

Year-to-date Statistics

Securities Market	Mar 2023 YTD	Mar 2022 YTD	% Change
No. of newly listed companies #	18	17	5.9%
Average daily turnover by value ($Mil.) ^	127,821	146,528	-12.8%
Average share traded per trading day (Mil. Shares)	202,258	282,652	-28.4%
Average no. of trades per trading day	2,230,030	2,390,496	-6.7%
Fund raised by IPOs ($Mil.)*	6,616	14,856	-55.5%
Total funds raised (including IPOs) ($Mil.)**	33,145	77,956	-57.5%
Derivatives Market	Mar 2023 YTD	Mar 2022 YTD	% Change
*Average daily volume (contracts)*
– Equity Index Futures	574,279	556,723	3.2%
– Stock Futures	7,225	10,924	-33.9%
– Interest Rates Futures	6	0	-
– RMB Currency Futures	14,812	14,281	3.7%
– INR Currency Futures	986	1,695	-41.8%
– Gold Futures	5	1,590	-99.7%
– Silver Futures	0	16	-100.0%
– Iron Ore Futures	0	23	-100.0%
– London Metal Mini Futures	0	1,480	-100.0%
– Equity Index Options	156,157	118,329	32.0%
– Stock Options	665,210	637,181	4.4%
– RMB Currency Options	20	16	25.0%
Clearing & Settlement	Mar 2023 YTD	Mar 2022 YTD	% Change
Average daily number of exchange trades handled by CCASS	2,229,230	2,965,417	-24.83%
Average daily number of settlement instructions (SIs) settled by CCASS	107,857	146,073	-26.16%
Average daily number of investor SIs (ISIs) settled by CCASS	161	375	-57.05%

# Includes the number of transfer of listings from GEM to Main Board
^ Turnover value for traded in non-HKD currency securities have been included
* Includes fund raised by initial offering by way of subscription, sales and placing
** Provisional figures only

Historical Records

up to 31 Mar 2023

Top 10 Hang Seng Index Closes

Rank	Date	Close
1	2018/01/26	33154.12
2	2018/01/29	32966.89
3	2018/01/24	32958.69
4	2018/01/23	32930.70
5	2018/01/31	32887.27
6	2018/01/25	32654.45
7	2018/02/01	32642.09
8	2018/01/30	32607.29
9	2018/02/02	32601.78
10	2018/01/22	32393.41

Top 10 Daily Market Turnover

(Main Board and GEM)

Rank	Date	Turnover ($)
1	2021/07/27	361,238,455,648
2	2021/02/24	354,330,826,815
3	2021/02/26	321,313,602,377
4	2022/03/16	309,913,857,581
5	2021/02/22	303,594,716,032
6	2021/01/19	302,507,509,559
7	2021/01/20	301,244,822,148
8	2022/03/17	301,106,198,997
9	2015/04/09	293,910,756,648
10	2021/01/25	288,079,469,553

Top 10 Market Capitalisation

(Main Board and GEM)

Rank	Date	Market Capitalisation ($)
1	2021/02/17	58,672,185,510,043
2	2021/02/16	57,829,770,591,111
3	2021/02/19	57,502,986,918,920
4	2021/02/18	57,470,114,718,778
5	2021/02/11	56,844,960,338,845
6	2021/02/10	56,495,679,850,172
7	2021/02/22	56,276,247,080,503
8	2021/02/23	56,194,869,034,753
9	2021/02/09	55,171,603,385,082
10	2021/02/25	55,137,617,193,968

Record High for Top-10 Derivatives Market Products (Based on Contract Volume)

Product	Record High Daily Volume		Record High Open Interest
	Contracts	Date	Contracts	Date
Stock Options	1,545,227	2020/07/06	15,625,280	2021/03/29
Hang Seng China Enterprises Index Futures	583,997	2023/02/24	758,877	2022/12/28
Hang Seng Index Futures	422,450	2018/10/26	206,082	2017/06/27
Hang Seng China Enterprises Index Options	389,483	2021/01/11	3,749,790	2018/11/28
Hang Seng TECH Index Futures	309,761	2023/03/27	257,389	2023/03/28
Mini Hang Seng Index Futures	298,812	2020/03/19	31,150	2022/09/29
Hang Seng Index Options	140,628	2021/01/11	594,941	2017/11/28
Mini-Hang Seng China Enterprises Index Futures	76,471	2018/02/06	16,436	2014/12/11
Hang Seng China Enterprises Index Futures Options	70,542	2022/12/05	1,173,979	2023/03/16
MSCI China A 50 Connect (USD) Index Futures	65,682	2022/02/16	42,718	2022/01/18

Updated 31 Mar 2023