Hang Seng Slides to Lowest Close Since Early April as Energy and Tech Drag
The Hang Seng Index fell 1.1% to close at 25,328 on Wednesday, marking its lowest closing level since early April as weakness in energy, technology services, and property stocks weighed on the market. The decline came despite a broader artificial intelligence rally and hopes that the Middle East conflict may be moving toward a resolution, after the US signaled progress toward a potential peace agreement even as fresh hostilities persisted.
Heavyweight names led the losses, with Tencent Holdings (-1.1%), CNOOC (-2.2%), Xiaomi (-4.6%), Meituan (-1.4%), and Sun Hung Kai Properties (-2.2%) all closing lower. Gains in Lenovo Group (+4.5%) and SMIC (+1.0%) helped to partially offset the broader pullback.
On the data front, China’s industrial profits jumped 24.7%, the strongest increase since November 2023, following 15.8% growth in March. The improvement offered a constructive signal on fundamentals despite ongoing domestic headwinds and elevated global uncertainty.
Source : Newsmaker.id
