Equities in Hong Kong dropped 160 points, or 0.6%, to 25,737 in Thursday morning trading, extending losses from the prior session amid a slump in U.S. stock futures as oil prices resumed their rally. Traders remained unconvinced that a record release of crude reserves could offset the supply shock from the Middle East conflict. Meanwhile, mainland markets were subdued, as the U.S. reportedly launched a new investigation into major partners, including China, after the Supreme Court struck down a key element of Trump-era tariffs last month. All sectors in the Hang Seng moved lower, with property and financials down over 1% each, while declines in tech and consumer names were modest. Notable laggards included Nongfu Spring (-3.8%), Sino Land (-3.2%), Techtronic Industries (-2.6%), and Trip.com (-2.1%). In contrast, Cathay Pacific edged up 0.3% after posting stronger profits and projecting double-digit passenger capacity growth.
