Tech sell-off sends Hong Kong stocks to biggest slide in 20 weeks as China signals more regulatory curbs
- Hang Seng Index slumped 3.4 per cent for the week as China’s central bank warned more anti-monopoly actions against payments operators
- Market trimmed some losses in Friday trading as a technical gauge signals this week’s sell-off may have been excessive

The Hang Seng Index fell 3.4 per cent this week to 27,344.54 on Friday, with the benchmark hitting a six-month low. The last time the index had a bigger setback was in the week to February 26 when it slumped 5.4 per cent.
The local market climbed 0.7 per cent in Friday trading as the relative-strength technical indicator signaled the sell-off triggered by China’s rapid-fire curbs on national security and data privacy concerns was excessive.
Alibaba Group Holding, the owner of this newspaper, declined 0.9 per cent and Kuaishou Technology crashed 5 per cent. A number of tech giants rebounded from earlier losses with Meituan rising 4.6 per cent and Tencent Holdings gaining 2.3 per cent.
“The HSI is temporarily out of danger” given the technical readings, said Alan Li, portfolio manager at Atta Capital. “The outlook will depend on whether there’s more regulation or whether the market has digested it well.”
