HK stocks retreat amid profit-taking
Oil prices rose on Wednesday and stocks fell amid fresh concerns about Middle East supplies following a warning that Iran appeared to be stepping up attacks in the Strait of Hormuz. The retreat came as investors brushed off another record day on Wall Street overnight. In Hong Kong, the Hang Seng Index fell 0.6 percent to 24,130, snapping a two-day winning streak. The Hang Seng China Enterprises…
Hong Kong's stock market experienced a retreat on Wednesday as investors became concerned about potential threats to Middle East oil supplies. The warning that Iran might be increasing attacks in the Strait of Hormuz added to the worries. Despite Wall Street hitting a record high overnight, Hong Kong's Hang Seng Index dipped 0.6% to close at 24,130, breaking a two-day winning streak.
The Hang Seng China Enterprises Index and Hang Seng Tech also declined by 0.6% and 0.7%, respectively. Mainland markets were on a break for a national holiday, reopening on Thursday. In Tokyo, the Nikkei 225 index fell by 648 points, or 0.9%, ending at 70,035 as investors took profits. Similarly, South Korean shares, represented by the Kospi, dropped nearly 2% to 6,803, marking the lowest level since September 17.
Samsung Electronics' shares slipped 1.29%, wiping out their early gains, while SK Hynix fell by 2.82%. Meanwhile, crude oil prices rose, with Brent crude oil reaching US$101.26 per barrel, though it remained below the nearly US$110 level seen a few weeks ago. US benchmark crude also increased by 0.3% to US$89.66 per barrel.
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