<div id="readability-page-1"><div><figure></figure>The Hang Seng Index slipped by over 3% in the first quarter as the Iran war jolted the stock market. It has dropped into a correction after falling by over 10% from its highest point this year. This performance mirrors the performance of other global indices like the S&amp;P 500 and Nasdaq 100. <figure></figure>Hang Seng Index chart | Source: TradingViewTechnology stocks were the top laggards in the Hang Seng IndexCompanies in the Hang Seng Index were among the worst performers in the Hang Seng Index. Trip.com, a top company in the travel industry, was the worst-performing company in the index as it dropped by 31%. This decline happened as the Chinese authorities launched an anti-monopoly investigation, accusing the company of using its dominant position to enforce unfair practices. Most recently, the stock has slipped because the US-Iran waris having an impact on its business.Kuaishou Technology, a social media company, dropped by 30% in the first quarter as its growth slowed. Its annual revenue showed that its annual revenue growth was 11.8%, while the number of active users on the flagship app soared to 407 million.Semiconductor Manufacturing International (SMIC) stock dropped by 28% in Q1. It recently dropped after US authorities said that the company was supplying chipmaking technology to Iran, which may lead to sanctions.Meituan, the biggest food delivery company, dropped by 23.5% as the price war with Alibaba and JD.com escalated. It has continued to lose market share since early last year. As a result, the management has offered discounts, which has narrowed its margins.The other notable laggards in the Hang Seng Index this year were Xiaomi, Netease, BYD, Tencent, Baidu, and Alibaba. Xiaomi stock has slipped because of the ongoing memory chip shortage that has led to higher prices and product delays. Pop-Mart's stock price has also tanked as concerns about demand for Labubu continued. It worked to offset this weakness recently by launching its largest share buyback in a bid to boost investor confidence. Investors believe that the company will need to launch more products to reaccelerate its sales as the labubu momentum fades.Top gainers in Hong Kong this yearA diverse group of Hong Kong stocks has jumped this year. Sun Hung Kai Properties' stock has soared by over 38% this year. This rebound happened as China started to ease the measures implemented a few years ago. It is slowly shifting from the three red lines and lowering mortgage rates.Geely stock has soared by 30% this year, making it one of the best-performing automakers. Energy companies like CNOOC, China Shenhua, and PetroChina have soared because of the rising energy prices. The other top gainers in the Hang Seng Index were companies like Contemporary Amperex, JD Logistics, WH Group, and Xinyi Glass.Looking ahead, the Hang Seng Index will react to the developments in the ongoing Iran-US war. In a statement overnight, President Donald Trump said that the US will continue its attack in the next two to three weeks. However, the risk is that Iran will have a say on when the war will end, and its officials have hinted that it will continue for longer. This war may push the Hang Seng Index lower in the near term.</div></div>

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The Hang Seng Index fell over 3% in Q1, entering correction territory due to the Iran war's impact on the stock market. Trip.com was the worst performer, dropping 31%, followed by Kuaishou Technology (-30%) and SMIC (-28%). Other laggards included Meituan, Xiaomi, and Alibaba. Conversely, Sun Hung Kai Properties and Geely saw gains of 38% and 30%, respectively. The index's future performance will be influenced by ongoing developments in the Iran-US conflict, which may further affect market stability.

- The Hang Seng Index fell over 3% in Q1, entering correction territory after a decline attributed to the Iran war, mirroring global indices' downturns.  
- Trip.com, Kuaishou Technology, and Semiconductor Manufacturing International (SMIC) were among the biggest losers, facing challenges from regulatory investigations, market slowdowns, and potential sanctions, respectively.  
- Conversely, stocks like Sun Hung Kai Properties and Geely saw significant gains, driven by easing regulations and rising energy prices, while market sentiment remains cautious about the ongoing geopolitical situation.

Hang Seng Index top movers in Q1 revealed: best and top laggards