Hang Seng closes down 385.54 points on Hormuz and China economic data concerns
Price ActionGeopolitics
The Hang Seng Index in Hong Kong closed down 385.54 points, or 1.49 percent, at 25,530.28 points today, as investors sold off technology stocks following a plunge on Wall Street and remained concerned over the uncertain situation in the Strait of Hormuz. Although Iran reached an agreement with Oman on shipping lane coordinates through the strait, which handles about one-fifth of the world's oil and liquefied natural gas shipments, issues regarding fees, cargo inspections, and security measures remain unresolved. Investors are also watching key economic data from China this week, including July import, export, and trade balance figures due tomorrow, as well as the July consumer price index and producer price index on Sunday.
