Hong Kong Stocks End Lower as Markets Weigh IEA's Record Oil Reserve Proposal; Cathay Pacific Earnings Beat Estimates

MT Newswires Live03-11

Hong Kong stocks ended lower Wednesday amid a proposal by the International Energy Agency to release oil reserves to halt a rise in prices as conflict in the Middle East raged on.

The Hang Seng Index fell by around 61.14 points, or roughly 0.2%, to end at 25,898.76. The Hang Seng China Enterprises Index similarly decreased by 5.74 points, or around 0.1%, to close at 8,704.52.

The price of Brent oil remained near the $90 mark but appeared to be trending upwards as the U.S. and Israel continued to trade air strikes with Iran and shipping through the Strait of Hormuz remained strained.

The IEA may release more than 182 million barrels of oil from its strategic reserve to control prices if members approve a proposal during a meeting Wednesday, the Wall Street Journal reported.

The price of Brent oil previously soared to over $100 per barrel following U.S.-Israeli strikes on Iran and Tehran's retaliatory actions across the Middle East.

Meanwhile, a new survey of single and multiple family offices in Hong Kong found that most entities reportedly plan to add exposure to private equity and digital assets in the next three years.

In corporate news, Cathay Pacific Airways (HKG:0293) recorded HK$10.8 billion in profit attributable to shareholders for 2025, 9.5% higher than HK$9.89 billion in 2024.

Earnings per share rose to HK$1.618 from HK$1.332 a year earlier, beating the Visible Alpha estimate of HK$1.42.

Shares closed 4% higher.

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