Hang Seng Drops 1% as Oil Price Spike Triggers Risk-Off in Asia
The Hang Seng Index fell 256 points, or 1.0%, to 25,600 on Monday (April 13), reversing last week's gains. This occurred as escalating geopolitical tensions in the Middle East drove up oil prices and weighed on global risk sentiment.
Market pressures emerged as investors reassessed energy supply risks due to instability in key energy routes, triggering a shift to defensive assets in Asia. The Hang Seng also followed regional weakness, with US stock index futures pointing lower amid heightened energy market volatility.
Several defensive sectors helped cushion the decline, including stocks related to energy minerals, manufacturing producers, and process industries. However, weakness in large-cap technology stocks and brokerage stocks weighed on the index, in line with growing inflation concerns due to energy price hikes.
Some of the stocks that were the main losers included Tencent (-1.3%), Mirxes (-20.2%), Xiaomi (-1.9%), Semiconductor Manufacturing International (-2.2%), and Guotai Junan International (-6.8%). (asd)
Source: Newsmaker.id
