Hong Kong stock market mid-day report: Hang Seng Index plunges 2.78% to a new low, technology and financial sectors continue to be weak, while safe-haven sectors such as oil and gold retreat.

The ongoing tensions in the Middle East continue to impact the financial markets, with the three major indexes of the Hong Kong stock market falling sharply in the morning session. By midday, the Hang Seng Index fell by 2.78%, briefly dropping below the 25,000 point mark. The state-owned enterprise index and the Hang Seng Technology Index also declined by 2.4% and 1.96% respectively, all hitting new recent lows. Large-cap technology and financial stocks continued to decline, with the property sector falling by over 4% to set a new low, China Life falling by nearly 7%, and retreating more than 20% from its recent peak. Safe-haven sectors such as oil, gold, and shipping stocks saw significant declines today. In addition, defense, storage technology, and power equipment stocks showed some strength.