Key Takeaways:
Hong Kong’s Hang Seng Index fell 365 points, or 1.5 percent, to 24,928 as a surge in oil prices rattled global markets following comments from US President Donald Trump regarding Iran.
The benchmark index hit an intraday trough of 24,901 in the afternoon session. Traders pointed to the sharp rise in energy costs as the primary catalyst for the selloff, which intensified concerns about global inflation and economic growth. The geopolitical developments caused June Brent oil futures to jump more than 6 percent.
Technology and property stocks led the broad-based decline. Among the biggest blue-chip losers, Semiconductor Manufacturing International Corp. (00981.HK) fell 3.7 percent and Xiaomi Corp. (01810.HK) dropped 3.4 percent. Heavyweights Alibaba Group (09988.HK) and Longfor Group (00960.HK) both declined by more than 3.4 percent.
Other notable decliners included Zijin Mining (02899.HK), which lost 2.9 percent, and Kuaishou Technology (01024.HK), down nearly 3 percent. The property sector also faced heavy selling pressure, with Sun Hung Kai Properties (00016.HK) sliding 2.7 percent and Hang Lung Properties (00101.HK) falling 1.9 percent. The market action suggests investors are reducing exposure to risk assets in response to the heightened geopolitical uncertainty.
This article is for informational purposes only and does not constitute investment advice.
