Hong Kong Stocks Drop as Oil Stays Elevated; Four Firms Debut

MT Newswires Live09-29 16:34

Hong Kong stocks closed lower Tuesday as rising oil prices and higher bond yields weighed on risk sentiment, while weakness in Chinese technology shares added to the pressure.

The Hang Seng Index fell 118.94 points, or 0.5%, to close at 24,523.57, while the Hang Seng China Enterprises Index lost 38.03 points, or 0.5%, to finish at 8,178.81.

Oil prices remained elevated amid a lack of progress toward ending the Middle East conflict, with Brent crude around $107 a barrel.

Higher borrowing costs continued to weigh on risk assets, with U.S. equity futures down 0.2% and most regional markets under pressure.

Chinese technology shares also remained weak after the U.S. moved to restrict the use of Chinese components in data centers.

In corporate news, four companies made their Hong Kong trading debuts.

RoboTechnik Intelligent Technology (HKG:3757, SHE:300757) closed 5% lower at HK$414.40, compared with its offer price of HK$436.

Direct Drive Tech (HKG:6731) ended 7% higher at HK$23.20, compared with its offer price of HK$21.60.

Red Avenue New Materials Group (HKG:9607, SHA:603650) closed 9% lower at HK$39.98, compared with its offer price of HK$44.

Shenzhen Kinwong Electronic (HKG:3228, SHA:603228) ended 10% higher at HK$77.05, compared with its offer price of HK$69.88.

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