Hong Kong Stocks Edge Lower on Monday Amid Middle East Tensions; HUTCHMED Falls 2%

MT Newswires Live
Yesterday

Hong Kong stocks closed slightly lower on Monday as renewed U.S.-Iran fighting pushed oil prices higher and added to concerns over inflation and interest rates.

The Hang Seng Index fell 17.80 points, or 0.1%, to close at 25,566.99, while the Hang Seng China Enterprises Index rose 22.79 points, or 0.3%, to 8,513.18.

Expectations for a September Federal Reserve rate hike also increased following hawkish comments from Fed Chair Kevin Warsh, adding to the market pressure.

Sentiment was also weighed down after China's official non-manufacturing PMI remained in contraction at 49.0 in August and factory activity contracted for a second month.

In corporate news, HUTCHMED (China) (HKG:0013) fell more than 2% despite reporting positive results from a Phase III trial of ORPATHYS combined with TAGRISSO in patients with non-small cell lung cancer.

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