Hang Seng May Extend Losses After Tuesday's Sharp Decline

MacroPrice Action

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The Hang Seng Index may take further damage on Wednesday after tumbling 348.72 points or 1.40 percent to close at 24,493.95 on Tuesday, snapping a two-day winning streak. The decline was driven by losses in property and technology stocks, with Tencent Holdings crashing 2.65 percent, Meituan cratering 3.77 percent, and Alibaba Group slumping 2.10 percent. The negative lead from Wall Street, where the NASDAQ dropped 1.15 percent and the S&P 500 sank 0.57 percent on profit taking, is expected to weigh on Asian markets. Traders are also looking ahead to the Federal Reserve's monetary policy announcement later today, with rates widely expected to remain unchanged. Crude oil prices plummeted, with West Texas Intermediate crude for July delivery down 6.07 percent to $75.85 per barrel, as transit disruption concerns faded amid anticipated U.S.-Iran deal progress.