The Hang Seng Index fell 0.5%, or 118 points, to close at 24,687 on Monday, marking a fourth consecutive session of losses as investors stayed cautious amid renewed concerns about higher oil prices and the global interest-rate outlook. The decline followed an uptick in crude prices driven by escalating tensions in the Middle East, stoking worries about inflation and the prospect of further monetary tightening.
Technology stocks led the selloff, with Z.AI Co. sliding 7.1%, despite having recently raised around US$5 billion via a Hong Kong share placement and convertible bond issuance. Meanwhile, optical-communications equipment maker Ligent Technologies is preparing a Hong Kong IPO of roughly US$723 million to fund its AI-related expansion plans.
Investors are also awaiting key Chinese economic activity data due later this week. Other notable decliners included MiniMax (-4.5%), Kingboard Laminates (-4.4%), SMIC (-2.3%), AIA (-1.9%) and Meituan (-0.5%).
