Hang Seng Falls to July Low as Tech Shares Slide
Hang Seng dropped to its lowest since July 17 after steep declines in JD Logistics, Meituan, Kuaishou and Trip.com, leaving the index more than 11% below this year’s peak.
The Hang Seng Index fell to about 24,570, its lowest level since July 17, after sharp losses in several large Hong Kong-listed technology and travel stocks. The benchmark is more than 11% below its high for the year.
The index tracked declines in global markets. In the latest session the Dow Jones fell about 316 points, the S&P 500 lost 45 points and the Nasdaq 100 dropped roughly 171 points. Asian peers also weakened, with the Nikkei 225 and Kospi each down more than 1%.
Traders linked the weakness to higher crude prices following an escalation in clashes involving the US and Iran. Reports of attacks involving Jordan, continued fighting between Saudi forces and Houthi fighters, and Houthi strikes on oil facilities and a strategic port raised concerns about supply and pushed oil prices higher.
Rising oil prices increase business operating costs and raise the probability of prolonged inflation. The European Central Bank has already raised rates, and market odds of a Federal Reserve rate increase next week rose to about 62% on Polymarket.
Several large Hong Kong-listed names led the market decline. JD Logistics fell about 26% over the past month; the company reported June-quarter revenue up 24% year-on-year to more than 64.1 billion yuan and profit up 2.5% to 2.4 billion yuan. Kuaishou Technology also dropped roughly 26% over the same period. WH Group, Meituan, Shenzhou International and Trip.com each declined by more than 18% as companies faced cost and demand pressures. Meituan has faced intensified competition in food delivery.
Not all stocks lost ground. Lenovo Group rose about 11% in the past month as demand for personal computers and AI-related products supported sales. Other recent gainers included Sunny Optical, CITIC, CK Infrastructure and Power Assets.
On technical charts, the Hang Seng has fallen from a January high near 28,058 to around 24,824 and more recently slipped from about 26,180 on August 4. The index is trading below its 50-day exponential moving average and beneath the Supertrend indicator. Market technicians point to a short-term target near 24,000 and note an inverted head-and-shoulders pattern on daily charts.
Market participants will watch upcoming corporate earnings, further geopolitical developments and central bank signals for clues on the near-term direction of the Hang Seng.
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