Hong Kong Stocks Fall as Oil Rises Ahead of US Inflation Data; Galaxy Entertainment Gains on Profit

MT Newswires Live
08/12

Hong Kong stocks closed lower Wednesday as rising oil prices and renewed geopolitical tensions weighed on sentiment.

The Hang Seng Index fell 212.65 points, or 0.8%, to close at 25,440.17, while the Hang Seng China Enterprises Index lost 81.83 points, or 1.0%, to finish at 8,446.27.

Oil prices extended their gains after attacks on shipping by Yemen's Iran-aligned Houthis and a U.S. strike on a container ship heading toward an Iranian port heightened concerns over potential supply disruptions.

Brent crude rose 0.6% to $89.46 a barrel, putting it on track for a sixth straight daily gain.

Investors looked to Wednesday's U.S. consumer price report for fresh clues on the Federal Reserve's policy outlook, with markets pricing roughly even odds of a rate hike in September.

In corporate news, Galaxy Entertainment (HKG:0027) gained nearly 4% after posting higher first-half profit.

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