Hang Seng Index Falls 0.6%, Oil Rises Weigh on Sentiment
The Hang Seng Index weakened on Thursday, dropping 155 points, or 0.6%, to 25,723, as market sentiment remained cautious despite gains in major technology and insurance stocks in the previous session. This movement suggests investors are still holding back risk amid global uncertainty.
The main pressure came from rising oil prices, which continued for a fourth straight session, fueled by escalating tensions in the Middle East and ongoing disruptions in the Strait of Hormuz. Surging energy costs heightened concerns about inflation and its impact on global growth, thus suppressing risk appetite in equities.
Regionally, technology stocks also weakened after initial optimism around artificial intelligence faded and gave way to selling, amid rising oil prices and heightened geopolitical uncertainty. This has led investors to be more selective and hold positions in sectors sensitive to costs and inflation.
In Hong Kong, the index decline was led by major stocks, including Tencent (-1.6%), Xiaomi (-2.3%), Meituan (-1.2%), China Resources Land (-1.2%), and WH Group (-2.0%). (asd)
Source: Newsmaker.id
