The Hang Seng Index fell 0.5%, or 118 points, to 24,687 on Monday, extending its decline for a fourth consecutive session. Investors remained cautious as renewed Middle East tensions pushed crude prices higher, reviving concerns about inflation and the outlook for global interest rates. Technology stocks led the retreat, with Z.AI Co. plunging 7.1% despite recently raising around US$5 billion through a Hong Kong share placement and convertible bonds. Ligent Technologies is targeting a Hong Kong IPO (initial public offering) of about US$723 million to finance its AI-related expansion. Investors are also awaiting key economic activity data from China later this week.