Hong Kong stocks fell Wednesday as higher oil prices raised inflation and economic growth concerns, while weakness in technology and biotech shares weighed on the market.

The Hang Seng Index fell 150.06 points, or 0.6%, to close at 24,130.50, while the Hang Seng China Enterprises Index dropped 46.57 points, or 0.6%, to 8,082.40.

The Hang Seng TECH 100 Index fell 1.5%, while the Hang Seng Biotech Index declined 2.8%.

Oil prices rose above $90 a barrel after rebounding from a more than one-month low, as renewed Middle East tensions raised concerns about supply disruptions. The increase came despite G7 countries releasing emergency oil reserves to help ease supply pressures.

Among individual stocks, HSBC Holdings (HKG:0005) fell nearly 2% after the Financial Times reported that the bank plans to cut about half of management and specialist roles in its U.K. wealth management business and nearly 70% of financial adviser positions as it expands the use of AI.

Hong Kong Robotics Group (HKG:0370) fell nearly 9% after raising about HK$202.8 million in net proceeds from its rights issue, which was fully subscribed.