Hong Kong Stocks Fall 0.98% on July 24 as Tech Shares Decline; Banking Stocks Surge

According to Smart Finance, the Hang Seng Index fell 0.98% (247.58 points) to 24,963.23 points on July 24, with trading volume reaching HKD 209.88 billion. The Hang Seng Tech Index declined 1.47% to 4,629.51 points as technology stocks came under broad pressure.

Hong Kong banking stocks defied market weakness, with the Bank of China Hong Kong rising 5.98% to a record high of HKD 51.25, followed by East Asia Bank up 6.03% to HKD 14.94 and DBS Bank up 5.56% to HKD 13.68. Rising U.S. Treasury yields supported the sector as traders priced in a 31% probability of a Federal Reserve rate hike at next week's meeting. Meanwhile, base metals and aviation shares declined, with Loyang Molybdenum down 4.49% and China Eastern Airlines down 3.46%, pressured by elevated oil prices and rising U.S. Treasury yields.