Hong Kong stocks mirror Wall Street drop as AI bubble fears grow on excessive valuations
Tech giants Baidu, Tencent, Alibaba and JD.com weigh on Hang Seng Index
The Hang Seng Index closed 1.7 per cent lower at 26,290.32, taking its loss for the week to 3.1 per cent, the most since easing 3.5 per cent for the five-day period ended August 1.
The Hang Seng Tech Index shed 3.3 per cent. On the mainland, the CSI 300 Index declined 2 per cent and the Shanghai Composite Index fell 1 per cent.
Technology companies led the drop. E-commerce giant Alibaba Group Holding retreated 4.6 per cent to HK$165.40, while peer JD.com declined 2.9 per cent to HK$131.80. WeChat operator Tencent Holdings lost 3.6 per cent to HK$651.50, while short-video platform operator Kuaishou Technology slid 5.5 per cent to HK$83.90. Search-engine giant Baidu lost 5.7 per cent to HK$125.90, while electric-vehicle maker Li Auto tumbled 2.6 per cent to HK$92.15. Chipmaker SMIC slumped 7.1 per cent to HK$77.55 and peer Hua Hong Semiconductor dropped 4.1 per cent to HK$81.75.
