HSI joins region in retreating amid AI, Hormuz jitters

Regional markets retreated as oil prices jumped more than 2 percent following a report by Iran's state television that seven oil tankers caught fire and were damaged in the Strait of Hormuz. In Hong Kong, the benchmark Hang Seng Index dived 717 points, or 3.03 percent, to 22,934 on turnover of HK$256.05 billion. The tech index plunged 200 points, or 5 percent, to 3,793 while the Chia enterprises index fell 254 points, or 3.2 percent, to 7,689. Dickie Wong, executive director of research at uSmart Securities, said he wasn't bullish in sentiment for the rest of the quarter, given that local stocks fell to a nearly four-month low. "We are now testing new lows, and probably may test a year-low again – 22,500 points. It may have some kind of rebound, but I don't really see much upside amid concerns about the increasing tension between China and US, and weakening of the Hong Kong dollar," he said. "Market sentiment is totally changed, especially AI-related and the tech sector facing regulatory pressure. Those negative factors contributed to this market sell-off." Up north, the benchmark Shanghai Composite Index ended down 55 points, or 1.48 percent, at 3,658. The Shenzhen Component Index dived 347 points, or 2.97 percent, to 11,357...