Hang Seng slips 0.6% as investors eye Xiaomi earnings
The Hang Seng Index edged lower by around 0.6% (about 160 points) to 25,289 on Tuesday, while Xiaomi stayed in focus ahead of its quarterly earnings.
The Hang Seng Index edged lower by around 0.6%, or 160 points, to 25,289 on Tuesday, giving back part of previous sessions strong gains as investors turned cautious amid renewed geopolitical tensions and a rebound in oil prices.
Brent crude climbed above US$91 a barrel after the US-Iran ceasefire expired, fueling concerns that higher energy costs.
A mixed overnight performance on Wall Street also weighed on sentiment.
Among individual stocks, Xiaomi remained in focus ahead of its quarterly earnings after the strong results could extend the company's best quarterly share-price rally in more than a year, provided it reassures investors that rising material costs are coming under control.
Meanwhile, sentiment remained restrained following weaker-than-expected July economic data from China released a day earlier.
Notable laggards included Tencent (-0.9%), MiniMax (-6.4%), Lenovo (-1.2%), AIA (-2.0%), and Kingboard Laminates (-3.2%).