Hang Seng Index Closes Lower on Thursday
The Hang Seng Index plunged around 1.9% to close at 24,856 on Thursday (March 26), erasing the previous session's gains as the market reacted to conflicting signals regarding US-Iran developments. Washington signaled progress toward ending the conflict, while Tehran insisted it was only reviewing proposals and not engaging in direct talks.
This uncertainty, coupled with rising oil prices, reinforced the risk-off trend and prolonged foreign outflow pressure from Asian equities. Market participants assessed that the energy risk premium could persist as long as the direction of diplomacy remains unclear.
Technology stocks led the decline, with Hang Seng Tech falling around 2.2%. Kuaishou Technology plunged around 13%, the biggest drag on the tech group.
The decline also weighed on other major stocks, including Pop Mart International (-10.5%), Tencent (-2.0%), Meituan (-3.7%), and Xiaomi (-0.3%).
Source: Newsmaker.id