The Hang Seng tumbled 612 points, or 2.2%, to finish at 26,776 on the first trading day of February, extending losses for a second session and retreating from last week’s 4-1/2-year high. Selling pressure was broad-based, with all major sectors weighing on the index. Tech, property, and financial stocks each sank between 2 to 3%, tracking a sharp drop in U.S. futures as renewed concerns over AI valuations and volatility in precious metals unsettled global markets. Investors also monitored bitcoin prices following a weekend sell-off. In China, equities posted steep declines, sustaining prior losses amid weak official manufacturing data, sluggish fiscal revenue growth, and a sharp drop in auto sales. Commodity-related shares led losses as global metal prices fell sharply after recent rallies. Zhaojin Mining slumped 9.0%, alongside Zijin Gold Intl. (-8.1%), XPeng (-7.3%), SMIC (-4.0%), and Laopu Gold (-3.9%). In contrast, Sands China climbed 3.6% after Macau gaming revenue strengthened.