10.09.202602:09:02UTC+00Hong Kong Stocks Fall to Six-Week Low

The Hang Seng Index declined 1.2%, or 300 points, to around 24,970 on Thursday, as escalating tensions in the Middle East and a sharp rise in oil prices dampened risk appetite. Brent crude extended its rally above US$100 per barrel after Iran signaled it was prepared for a more intense conflict, heightening fears of potential disruptions to energy shipments through the Strait of Hormuz. The yield on the US 10-year Treasury also climbed to about 4.86%, its highest level since November 2023, while Wall Street equities fell for a third consecutive session. Investor sentiment remained cautious ahead of key US inflation figures that could shape expectations for the Federal Reserve’s interest-rate path. Heavyweights under pressure included Tencent (-1.5%), Z.AI Co. (-4.3%), MiniMax (-2.4%), Xiaomi (-1.8%) and Meituan (-2.0%). Even so, Hong Kong’s technology sector continued to draw interest, supported by a robust IPO pipeline, with AI startup Moonshot having confidentially filed for a Hong Kong listing and DeepSeek preparing for a potential domestic debut.