Hong Kong's three major stock indices retreated on Tuesday, with the Hang Seng Tech Index suffering the steepest decline. A cluster of geopolitical risk events intensified concerns over energy supply disruptions, propelling oil, gas, and energy-chemical related ETFs to lead the entire market. Korean equity ETFs initially rallied on positive catalysts but later pared gains, closing lower in a "spike-and-fade" pattern.

At the closing bell, the Hang Seng Index fell 0.38% to 25,317.18 points, with total turnover reaching HK$206.17 billion. The Hang Seng Tech Index dropped 1.61% to 4,454.85 points. Among the top Hong Kong-listed ETFs by asset size, Tracker Fund of Hong Kong (02800) closed down 0.46% at HK$25.88, CSOP Hang Seng Tech Index ETF (03033) slipped 1.49% to HK$4.372, while CSOP SK hynix Daily (2x) Leveraged Product (07709) advanced 1.56% to HK$41.70.

A series of geopolitical flashpoints concurrently escalated, heightening worries over energy supply tightness and driving oil, gas, and energy-chemical ETFs to the top of the performance charts. By the market close, CCB Energy Chemical ETF (159981.SZ) surged 4.11% to RMB 1.748, Guotai Oil ETF (561360.SH) climbed 3.05% to RMB 1.518, and CSOP Oil & Gas ETF (159309.SZ) rose 3.09% to RMB 1.466. Over the weekend, military confrontations between the US and Iran in the Strait of Hormuz escalated sharply, with both sides attacking each other's oil tankers. Additionally, on September 8, multiple energy facilities in southern Saudi Arabia were struck by Yemen's Houthi rebels, causing partial operational halts. In response, international oil prices jumped substantially, with Brent crude futures climbing to approximately $97-98 per barrel, marking a six-week high, while WTI crude posted a weekly gain of nearly 10% at one point. Ping An Securities noted that the mutual tanker attacks between Washington and Tehran, coupled with the US naval blockade, have turned the strait into a bargaining chip for Iran. With shipping volumes still below normal levels, geopolitical risk premiums continue to fuel concerns over supply interruptions, and the volatility range for oil prices is likely to remain elevated.

Supported by acute memory chip supply shortages and Goldman Sachs' reaffirmation of its bullish target for Korean stocks, Korean equity ETFs initially surged but later reversed course to close mixed. CSOP Samsung Electronics Daily (2x) Leveraged Product (07747) ended down 0.21% at HK$77.72, CSOP SK hynix Daily (2x) Leveraged Product (07709) gained 1.56% to HK$41.70, and CSOP KOSPI ETF (03121) fell 0.58% to HK$6.80. KB Securities warned in a research note that memory chip inventories at Samsung Electronics and SK hynix have fallen below 10 days, indicating extremely tight supply. Meanwhile, Goldman Sachs reiterated its 12,000-point target for the KOSPI index, arguing that the market underestimates the persistence of AI-driven memory demand. During today's session, the KOSPI briefly reclaimed the 7,000-point level for the first time in 15 trading days since August 18. However, after an early rally, profit-taking pressure intensified in Korean equity ETFs, while external macroeconomic headwinds also capped further gains.

Looking ahead, CICC Wealth pointed out that Hong Kong stocks may still lack sustained upward momentum in the near term. The breadth of domestic economic recovery remains limited, making it difficult to broadly upgrade corporate earnings expectations. Persistently high overseas rate hike expectations and elevated long-end yields continue to constrain valuation expansion. As a result, market opportunities are likely to emerge more from sector rotation and company-specific earnings improvements, while the broader index may continue to experience choppy, range-bound trading. Huatai Securities added that if the September FOMC meeting ultimately provides clear guidance, regardless of whether it results in a rate hike, it could help calm current market volatility. Otherwise, the policy debate may be postponed to December, and with midterm election uncertainties looming, market disruptions could intensify further.