Hang Seng Drops 0.6% Pressured by Oil Rally and US Trade Concerns
Hong Kong stocks weakened in Thursday morning trading, with the Hang Seng down 160 points, or 0.6%, to 25,737, extending the previous session's decline.
The pressure came as US stock futures weakened and oil prices rallied, fueling concerns that the release of large oil reserves would not be enough to cushion the supply shock caused by conflicts in the Middle East. Market participants considered energy risks to remain a major factor weighing on sentiment.
On the trade policy front, the market also weighed on reports that the US had launched new investigations into several major trading partners, including China, after the Supreme Court overturned a key element of Trump-era tariffs last month. This development added to the caution, although mainland Chinese stocks tended to move within a limited range.
The decline was felt across almost all sectors, with property and financials down more than 1%, while declines in technology and consumer discretionary stocks were relatively more moderate. The stocks that lagged the most included Nongfu Spring (-3.8%), Sino Land (-3.2%), Techtronic Industries (-2.6%), and Trip.com (-2.1%).
Meanwhile, Cathay Pacific rose 0.3% after posting stronger earnings and projecting double-digit passenger capacity growth, acting as one of the factors holding back the index's decline during the session. (asd)
Source: Newsmasker.id
