Hong Kong Stocks Decline as Oil Extends Gains on Iran Tensions; Longsys Electronics Slips on Debut

MT Newswires Live

09/08

Hong Kong stocks closed lower Tuesday as rising oil prices and renewed U.S.-Iran tensions weighed on investor sentiment.

The Hang Seng Index fell 95.94 points, or 0.4%, to close at 25,317.18, while the Hang Seng China Enterprises Index lost 32.41 points, or 0.4%, to finish at 8,397.32.

Oil prices rose for a third straight session, with Brent crude futures climbing 1.4% to $98.34 a barrel after Iran threatened to retaliate against the U.S. and said it had fired an advanced missile at U.S. warships.

The renewed tensions added to concerns over potential supply disruptions and inflation.

In China, August export growth accelerated, supported by strong overseas demand for high-tech and artificial intelligence-related products, offering some support to the region's growth outlook.

In corporate news, Shenzhen Longsys Electronics (HKG:9976, SHE:301308) made its debut in Hong Kong, closing 1% lower at HK$233.60 compared with the offer price of HK$236.

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