Hang Seng Index Drops 1.4% to Close Today
The Hang Seng Index fell 349 points, or 1.4%, to close at 25,408 on Monday, reversing the previous two sessions' rally. The decline was broad-based across sectors, as global sentiment worsened after US stock futures fell sharply amid escalating Middle East conflicts, which sent oil prices soaring and dampened appetite for riskier assets.
Chinese stocks also weakened, clouded by market doubts that a planned April meeting between US President Donald Trump and Chinese President Xi Jinping would yield meaningful progress in bilateral relations. Domestically, China's annual parliamentary meeting signaled there was no urgency for major fiscal or monetary stimulus, adding to investor caution.
However, the Hang Seng pared losses from its lowest level after data showed consumer inflation in mainland China hit a three-year high in February due to Lunar New Year demand, while producer price deflation eased. Property and financial stocks each fell 2.4%, while consumer staples and technology saw smaller corrections. Some of the major decliners included Cathay Pacific (-4.9%), Techtronic Industries (-4.4%), Sands China (-4.2%), and Nongfu Spring (-3.1%). (asd)
Source: Newsmaker.id
