The Hang Seng Index slipped 0.9% to 25,082 on Thursday, extending losses for a second straight session as market optimism faded amid renewed uncertainty over the potential de-escalation of the Middle East conflict. In an address, U.S. President Donald Trump said the war in Iran was “very close” to completion and on track to meet its objectives within the next few weeks, but warned that military operations could intensify. Despite the hardline tone, he emphasized that diplomatic discussions remain ongoing, keeping investors cautious about the geopolitical outlook and its potential impact on global markets. The speech came after US President Donald Trump claimed that Iran’s president had sought a ceasefire in the conflict, a statement Tehran swiftly denied as false and baseless. Most sectors traded lower, with notable declines from Tencent Holdings (-1.0%), Xiaomi Corporation (-2.0%), Zijin Gold International Company (-3.4%), and MiniMax Group (-6.7%).