Hong Kong stocks plunged 667 points, or 2.5%, to 25,958 on the first trading day of March, notching a six-week low and reversing gains from the prior session. Sentiment soured after U.S. futures slumped, following President Donald Trump’s vow to “avenge” the deaths of three service members and continue combat operations in Iran. The renewed conflict heightened fears of oil shipment disruptions through the Strait of Hormuz, a key energy route. Traders also grew cautious ahead of China’s February PMI data. Losses were partly offset by modest gains in mainland shares, as expectations rose that the upcoming National People’s Congress, starting March 4, may unveil fresh support measures for tech, innovation, and domestic consumption. All sectors fell sharply, with declines ranging from 1.9% in consumer stocks to nearly 3% in financials. Notable laggards included SenseTime Group (-7.0%), Xiaomi (-4.0%), Cathay Pacific (-3.6%), Kuaishou Tech. (-3.4%), AIA Group (-3.3%), and SMIC (-3.2%).
