Hong Kong Dark Report: March 2026
The Hong Kong Dark Report is a tool to help the buy side understand and navigate the Hong Kong market structure on a per stock basis. The report highlights dark market data points including dark % of turnover and trends, dark trade sizes, block turnover and statistical highlights, amongst others.
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Hong Kong average daily notional traded rose 34.4% to US$13.1 billion in March 2026 versus its trailing three-month average, driven by heightened volatility (elevated at 26.2% for the month) and index rebalancing flows.
In high-volatility environments with sharply higher lit market volumes, HSCI dark activity fell -27% to 1.33% of market turnover, marking its lowest level in the past 12 months.
Hang Seng Composite Index declined 6.2% during the period, reflecting continued pressure across most sectors. Consumer Staples emerged as the clear outperformer with a gain of 121.3%, while Communication Services advanced 11.7%. Energy lagged with a decline of 12.4%, followed by Information Technology (-7.5%), Real Estate (-6.9%), and Financials (-5.9%).
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