Hang Seng Index Dips 95 Points as Precious Metals Stocks Rally; Luoyang Molybdenum Surges 7.6%
SingTao · 1 SOURCESabout 5 hours ago3 MIN
Summary
The Hang Seng Index closed at 25,317 points on Tuesday, down 95 points or 0.4%, as US markets remained closed for a holiday and attacks on Saudi Arabian energy facilities weighed on regional sentiment. Despite the broader market weakness, precious metals and base metals stocks rallied sharply following record-high copper prices on the London Metal Exchange. Meanwhile, mainland Chinese property stocks rebounded amid reports that Beijing's housing policy adjustments implemented a month ago have begun showing positive effects.
Key Points
- The Hang Seng Index fell 95 points to close at 25,317 points, with the state-owned enterprise index dropping 32 points to 8,397 points and the tech index slipping 72 points to 4,454 points; total market turnover reached HK$206.1 billion, with northbound water net inflow increasing to HK$6.128 billion for the second consecutive day
- Luoyang Molybdenum (3993) surged 7.6% to HK$17.61, becoming the best-performing blue chip, while Jiangxi Copper (358) rose 4.9% to HK$38.4, Minmetals Resources (1208) gained 5.4% to HK$9.62, and Zijin Mining (2899) climbed 2.9% to HK$36.96 after LME copper futures hit a record high of US$14,533 per tonne
- Mainland Chinese property stocks rebounded, with Longfor Group (960) rising 3.5% to HK$6.225, China Vanke (2202) gaining 2.7% to HK$2.455, and China Resources Land (1109) up 1.9% to HK$30.44, as Beijing's August new home sales reached 3,100 units, up 10.3% year-on-year
- AI concept stocks declined, with Zhipu AI (2513) plummeting 10% to HK$916 after Jefferies questioned its annualized recurring revenue sustainability, marking its sixth consecutive declining session with a cumulative loss of 23.3%; MiniMax (100) fell 5.6% and XunCe (3317) dropped 7.4%
- Saudi Arabia's state oil company Aramco refinery in Jizan was attacked, pushing New York crude oil futures up 0.9% to US$92.31 per barrel and Brent crude up 0.7% to US$96.97; Sinopec (386) rose 4% to HK$4.915, CNOOC (883) gained 3.9% to HK$25.86, and PetroChina (857) advanced 3.9% to HK$10.35
Why It Matters
The divergence between precious metals strength and tech stock weakness highlights how commodity-driven sectors can provide portfolio protection during periods of broader market uncertainty, particularly as geopolitical tensions in the Middle East continue to affect energy markets . For Hong Kong investors, the 25,000-point support level remains a critical technical threshold, with traders closely watching whether the market can sustain momentum in rate-sensitive sectors like property as monetary policy evolves globally .
The divergence between precious metals strength and tech stock weakness highlights how commodity-driven sectors can provide portfolio protection during periods of broader market uncertainty, particularly as geopolitical tensions in the Middle East continue to affect energy markets . For Hong Kong investors, the 25,000-point support level remains a critical technical threshold, with traders closely watching whether the market can sustain momentum in rate-sensitive sectors like property as monetary policy evolves globally .