13.07.202602:03:37UTC+00Hong Kong Stocks Advance Despite Iran Tensions

The Hang Seng Index climbed 0.8%, or 192 points, to 24,367 on Monday, as strength in technology and property stocks offset renewed geopolitical tensions. Sentiment remained cautious after oil prices advanced and US equity futures retreated in the wake of fresh US strikes on Iran, while uncertainty over the status of the Strait of Hormuz continued to keep markets on edge.

In Hong Kong, property shares were supported as major developers, including Sun Hung Kai Properties and Wheelock Properties, moved ahead with new residential launches this month, despite expectations for more moderate home price growth. In addition, fast-fashion giant Shein cleared a key regulatory hurdle for its planned Hong Kong IPO after securing approval from China’s securities regulator, fueling expectations for one of the city’s largest listings in recent years.

Among notable gainers were Sun Hung Kai Properties (up 1.1%), Tencent (0.7%), Knowledge Atlas (4.9%), Techtronic Industries Co. (0.7%), and Lenovo (0.9%).