Media365
Hong Kong stocks fell as the US-Iran war shows no signs of ending, with a hardline stance from both sides pushing oil prices up.
The Hang Seng Index fell 0.5 per cent to 25,587 as of 9.40am. The Hang Seng Tech Index dropped 0.4 per cent. On the mainland, the CSI 300 Index was little changed and the Shanghai Composite Index shed 0.4 per cent.
US President Donald Trump said in a social media post on Thursday that stopping Iran from having nuclear weapons and threatening the Middle East was of “far greater interest and importance to me”.
Iran’s new Supreme Leader Mojtaba Khamenei said in his first public comments since succeeding his father that Iran was studying the possibility of “opening other fronts in areas where the enemy has little experience and would be highly vulnerable”, without elaborating.
Oil prices continued to remain elevated after falling earlier this week. Brent crude traded at US$100.22 a barrel and West Texas Intermediate stood at US$95.10.
Orient Overseas (International), the parent of one of the world’s largest container-shipping companies, led the fall, slumping 6.1 per cent to HK$144.60. Hong Kong’s MTR Corp lost 5.3 per cent to HK$32.78 after reporting a 6.9 per cent decline in net profit last year. HSBC Holdings fell 3.2 per cent to HK$124.80.
