HSI edges higher as oil prices head north
Oil prices spiked and global stocks fell on Monday, driven lower by a slide in AI shares, ahead of likely interest-rate hikes in the United States and Japan this week. Hong Kong shares bucked the trend, with the Hang Seng Index overcoming early losses to close 111 points or 0.45 percent higher at 24,917. Mainland stocks finished in the red, with the benchmark Shanghai Composite Index down 0.07…
Oil prices surged on Monday, causing global stocks to plummet due to a decline in AI shares, as interest-rate hikes in the U.S. and Japan loomed. Despite early losses, Hong Kong's Hang Seng Index managed to close 111 points or 0.45 percent higher at 24,917. Mainland China's benchmark Shanghai Composite Index fell 0.07 percent to 3,885, while the Shenzhen Component Index dropped 0.64 percent at 13,384.
Japan's Nikkei Index declined 0.81 percent to close at 63,492, with technology shares leading the decline. South Korea's Kospi Index also lost 225 points or over three percent, settling at 6,684. After AI leaders OpenAI and Anthropic urged a slowdown in AI development to address risks, AI-linked stocks suffered further losses. Crude oil prices jumped over three percent following Saudi Arabia's closure of its East-West pipeline amid drone attacks by Yemen's Houthi rebels and a merchant vessel attack in the Strait of Hormuz.
Oman's postponement of Iran-Gulf talks on the strategic waterway's future further complicated the oil trade dynamics.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
