Market Updates
China and Hong Kong Stocks Nosedived as Strait of Hormuz Crisis Deepens
Li Chen
23 Mar, 2026
Hong Kong
The surge in crude oil prices knocked down stocks in China and Asia at the start of a new week.
The Hang Seng Index plunged 3.5%, and the mainland-focused CSI 300 Index fell 2.4% after tensions in the Middle East escalated.
Brent crude oil prices jumped to as high as $115 a barrel as the leaders of the U.S. and Iran exchanged sharp comments over the reopening of the Strait of Hormuz.
Despite the U.S. president's claims of war nearing the end, the militaries of the U.S. and Israel are preparing for a ground offensive through the borders with Iraq and Pakistan.
At least 3,000 U.S. Marines are expected to cross with the help of Kurds in the north and Baluchis in the southeast.
Benchmark indexes in China, Hong Kong, and Asia plunged between 2.5% and 4% amid escalating tensions in the Middle East.
China Indexes and Stocks
The Hang Seng Index dropped 3.5% to 24,400.46, and the mainland-focused CSI 300 Index decreased 2.5% to 4,456.69.
Technology and mining stocks extended the previous three weeks of losses as the Middle East conflict shows no sign of easing.
Zijin Mining, Laopu Gold, and Zijin Gold dropped between 4% and 10%, reflecting lower prices of copper, gold, and silver.
Alibaba Group, Meituan, and Tencent Holdings dropped between 5% and 7% following a weakness in tech stocks across Asia.
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