Hang Seng Index Falls 1.27% at Midday as Oil Prices Surge on Middle East Tensions

HK500.07%

According to ZhiTong Finance, the Hang Seng Index fell 1.27% to 24,891 points at midday on July 24, while the Hang Seng Tech Index declined 1.69%. Midday trading volume reached 117.1 billion Hong Kong dollars.

Rising oil prices due to Middle East tensions have fueled inflation concerns and reignited expectations for U.S. rate hikes this year. Hong Kong bank stocks bucked the downtrend, with higher net interest margins anticipated to support the sector. Real estate stocks fell across the board as the off-season approached.

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