Hong Kong stocks tumble for second day on Middle East fears
Meanwhile, investors eye the Lujiazui Forum in Shanghai for policies to bolster China’s economic growth
The Hang Seng Index declined 1.1 per cent to 23,710.69 at the close, adding to the 0.3 per cent loss recorded on Tuesday. The Hang Seng Tech Index retreated 1.5 per cent. On the mainland, the CSI 300 Index edged up 0.1 per cent while the Shanghai Composite Index was little changed.
Electric-vehicle maker Li Auto lost 4.1 per cent to HK$104.10, while travel booking agency Trip.com slumped 3.5 per cent to HK$463.20. Food delivery service Meituan fell 3.5 per cent to HK$133.30 and short-video sharing platform Kuaishou Technology retreated 2 per cent to HK$58.20.
Trimming the losses, Chow Tai Fook Jewellery Group added 3.1 per cent to HK$13.12, and port operator CK Hutchison Holdings advanced 1.8 per cent to HK$49.25.
The decline in the benchmark followed overnight losses in the US, where the S&P 500 fell 0.8 per cent and the Dow Jones lost 0.7 per cent after Middle East hostilities dampened risk appetite.
On Tuesday, US President Donald Trump called for Iran’s “unconditional surrender” and reportedly met with his national security team to discuss the conflict, fuelling concerns that the US would join Israel’s new round of attacks on Iran.