Hang Seng Fails to Hit 25,000 Mark Amid Fed Meeting Anticipation

The Hang Seng Index opened up 30 points to 24,993 on Monday, but failed to reach its target of reclaiming the 25,000-point mark. Investors were anticipating a decrease in Middle East tensions before the Federal Reserve meeting on Thursday.

Despite the modest gain, the index still fell short of market expectations, which had anticipated a more significant rally. US stock futures rebounded over the weekend, contributing to the upbeat sentiment in Hong Kong.

The tech gauge rose 0.38 percent to 4,647 points, with Alibaba (9988) and Tencent (0700) leading the way up 1.3 percent and 1 percent respectively. Meituan (3690) and Xiaomi (1810) also gained, rising 0.6 percent.

However, oil majors performed poorly, with CNOOC (0883) and PetroChina (0857) dropping 3.3 percent and 3 percent respectively. The banking and insurance sectors also opened lower after last week's gains.