STOCKS | Shipping Shares Fall As U.S.-Iran Tensions Lift Oil Prices

Shipping stocks came under pressure as U.S.-Iran tensions escalated, with COSCO Shipping Holdings (01919) down 3.1% to HK$16.76, Orient Overseas (00316) down 2.8% to HK$149.4 and SITC International (01308) down 3.1% to HK$43.54, according to ETNet. The U.S. military launched a new round of airstrikes on targets inside Iran on Tuesday, mainly against military facilities linked to the Islamic Revolutionary Guard Corps. U.S. President Donald Trump later said on social media that the action was justified and warned Iran that any retaliation would trigger larger-scale U.S. military action. Brent crude surged on the heightened geopolitical risk, briefly topping $90 a barrel and later jumping to $96 in Asian morning trade. It was last up 1.25% at $96.45 a barrel. Hong Kong stocks were also weaker, with the Hang Seng Index at 25,071, down 258 points or 1%, while turnover on the main board exceeded HK$60.2 billion. The Hang Seng China Enterprises Index fell 1.1% to 8,368 and the Hang Seng Tech Index dropped 1.7% to 4,475.