Hong Kong stocks slide for a second day as US-Iran war rattles sentiment
Risk-off sentiment is seen across major Asia-Pacific markets, with South Korea’s Kospi benchmark falling 7.2 per cent
Hong Kong stocks extended declines on Tuesday after panic selling gripped global markets, as the US-Iran war kept investors on edge and surging oil prices fuelled inflation concerns.
The Hang Seng Index closed 1.1 per cent lower at 25,768.08 after losing 2.1 per cent on Monday. The Hang Seng Tech Index fell 2.3 per cent.
On the mainland, the CSI 300 Index slid 1.5 per cent and the Shanghai Composite Index fell 1.4 per cent.
Tensions between the US, its allies and Iran have disrupted global oil supplies, driving prices higher and weighing on Asian markets.
South Korea’s Kospi slumped 7.2 per cent, while Japan’s Nikkei 225 fell 3.1 per cent and Australia’s S&P/ASX 200 dropped 1.3 per cent.
Solar-panel maker Xinyi Solar shed 6.3 per cent to HK$3.11, while gold miner Zijin Mining Group dropped 6.1 per cent to HK$43.22. Toymaker Pop Mart International fell 5.5 per cent to HK$212.60 and sportswear maker Li Ning slid 5.3 per cent to HK$20.80.
Trimming losses, ENN Energy Holdings, one of China’s largest natural gas distributors, rose 5.1 per cent to HK$71.85.