HK Stock Market Move | Oil stocks collectively took a dive, with China Oilfield Services (02883) falling more than 3%. The improvement in geopolitical tensions temporarily triggered a drop in oil prices.

Oil stocks collectively fell, as of the time of publication, China Oilfield Services (02883) fell 3.07%, to HK$7.59; PetroChina (00857) fell 2.67%, to HK$8.76; Sinopec (00386) fell 2.41%, to HK$4.45; CNOOC (00883) fell 1.64%, to HK$21.6. On the news front, international oil prices fell overnight. It was reported that the Ukrainian President's office announced that President Zelensky has officially received a draft peace plan for the Russia-Ukraine conflict submitted by the US. Zelensky is expected to have a phone conversation with President Trump in the coming days to discuss the current diplomatic possibilities and key elements for achieving peace. Citigroup stated that the future direction of the oil market will depend on geopolitical developments, OPEC+ production strategies, and changes in US domestic policies, with the market needing to closely monitor the subsequent actions of major oil-producing countries and policy signals from the US in the global energy market.