Hang Seng Index Slips 1.0%
Hang Seng Index falls 1.0% to 25,390 on US-Iran deal hopes fade
The Hang Seng Index slipped 1.0%, or 259 points, to 25,390 on Wednesday, as fading hopes for a US-Iran deal and caution ahead of the latest US inflation data weighed on investor sentiment.
Oil prices climbed to a one-week high amid tensions surrounding the Strait of Hormuz, raising concerns over inflation and global growth.
The decline also followed losses on Wall Street.
In the region, Hong Kong technology stocks remained under pressure, with investors closely watching Tencent’s second-quarter earnings for signs of growth in gaming, advertising and AI investments.
Meanwhile, plans to expand the Hang Seng Tech Index from 30 to 50 constituents could increase exposure to emerging sectors such as AI and robotics.
Hong Kong’s IPO market also remained in focus, with Shein reportedly preparing to launch its Hong Kong IPO, supporting optimism over the city’s capital-market activity.
Notable laggards included Tencent (-2.3%), AIA (-0.6%), Lenovo (-0.6%), Kuaishou (-1.6%), and Meituan (-2.3%).