Market Updates
Tech Pullback and Hormuz Uncertainties Weighed on China's Indexes
Li Chen
28 May, 2026
Hong Kong
China's indexes pulled back amid a lack of corporate news, and investors reviewed the latest developments in the Middle East.
The Hang Seng Index decreased 2.2%, and the mainland-focused CSI 300 Index declined 0.5%, led by a sharp sell-off in AI-related stocks.
The weakness in semiconductor and AI-related stocks weighed on market sentiment amid worries about elevated valuations and the sustainability of demand from AI hyperscalers.
Benchmark indexes in Japan, South Korea, and India dropped between 1% and 3%, and crude oil prices rebounded following the resumption of hostilities in the Middle East.
The U.S. conducted additional strikes in Iran, despite the ongoing peace talks between the two nations.
The uncertainty surrounding the U.S.-Iran peace negotiations weighed on the market sentiment in Asia, and crude oil prices soared 4%.
The Brent crude oil price rose 3.9% to $97.78 a barrel as negotiators between the U.S. and Iran remained deadlocked over several key issues, including disruption of commercial shipment through the Strait of Hormuz.
China Indexes and Stocks
The Hang Seng Index decreased 2.2% to 24,750.60, and the mainland-focused CSI 300 Index fell 0.5% to 4,881.17.
Hygon Information Technology decreased 2.5%, Cambricon Technologies Corp. increased 0.4%, and NAURA Technology Group advanced 2.9%.
Alibaba Group declined 3%, Tencent Holdings plunged 3%, and JD.com fell 0.5%.
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