Hong Kong stock market drops while gold, oil rise

Hong Kong stocks retreated by the most in nearly a year on Monday alongside risk assets in Asia, while oil and gold surged after the US strikes on Iran, reports the South China Morning Post. This comes as surging geopolitical risks sparked a risk-off mode among investors.

The Hang Seng Index closed 2.12% down at 26,067.27. At one point, the gauge dropped by as much as 2.8%, setting it on track for the biggest decline since April 7, 2025, when US President Trump’s “Liberation Day” tariff announcement sent the benchmark falling 13%.

On the mainland, the CSI 300 Index slipped 0.1% and the Shanghai Composite Index was little changed. Brent crude rose as much as 14% to $82.37 a barrel, heading for its highest level since January 2025, while spot gold rose 1.3% to $5,346.17 an ounce.