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The Hang Seng Index slipped 40 points, or 0.2%, to close at 26,369 on Tuesday, erasing gains from the morning session. The pullback came as enthusiasm over the recent AI-fueled rally in technology stocks faded and investors stayed cautious amid rising tensions in the Middle East. Sentiment was further weighed down by worries that higher oil prices could stoke inflation, following reports that the US was considering additional military options against Iran after peace efforts stalled.
At the same time, markets remained focused on developments ahead of the expected summit between US President Donald Trump and Chinese President Xi Jinping, with relations between the world’s two largest economies still strained.
Among major movers, Tencent Holdings fell 0.9%, Semiconductor Manufacturing International Corporation lost 2.1%, Pop Mart International dropped 3.5%, and Xiaomi Corporation declined 0.9%. In contrast, Kuaishou Technology gained 2.7%, and Deepxi Technology jumped 7.4%.
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