Middle East developments, trade headlines, and stimulus news remain key drivers. These factors will likely dictate if the Hang Seng Index drops below 23,500 or revisits 24,500.
Hang Seng Index Jumps as Oil Prices Slump
US equity markets posted gains in the Monday, June 23 session, with the Nasdaq Composite Index rising by 0.94%. Meanwhile, the Hang Seng Index rallied 1.95% to 24,151 in morning trading on June 24 as investors reacted to the ceasefire news. Mainland China’s markets also advanced, with the CSI 300 and Shanghai Composite Index up 1.09% and 1%, respectively.
EV and Tech Stocks Rebound
A de-escalation in Middle East tensions eased fears of oil supply disruption driving inflation pressures, potentially forcing central banks to hike interest rates. Market relief triggered rebounds across EV and tech stocks, sending the Hang Seng Index higher.
Tech giants Alibaba (09988) and Baidu (09888) jumped 2.08% and 1.44%, respectively, driving the Hang Seng Tech Index up 2.28%.
EV stocks outpaced the tech heavyweights, with BYD (01211) and Li Auto (02015) surging 3.49% and 4.75%, respectively.
Middle East Conflict: Ceasefire Boosts US-Iran Nuclear Deal Hopes
On June 23, President Trump declared an Iran-Israel ceasefire, stating:
