Hong Kong stocks drop, led by mainland tech firms, amid global sell-off in gold, crypto
Hang Seng Index follows US declines as AI worries and falling prices for gold, silver and cryptocurrency rattle investors
The Hang Seng Index lost 1.2 per cent to 26,559.95, marking a 3 per cent weekly loss. The Hang Seng Tech Index lost 1.1 per cent. On the mainland, the CSI 300 Index fell 0.6 per cent and the Shanghai Composite Index slipped 0.3 per cent.
Technology heavyweights led losses. Search-engine operator Baidu dropped 2.2 per cent to HK$137.80, and WeChat operator Tencent Holdings slipped 2 per cent to HK$547.50. E-commerce major Alibaba Group Holding slumped 2.9 per cent to HK$155, while peer JD.com dropped 1.8 per cent to HK$106.90. Short-video sharing platform Kuaishou Technology lost 2.4 per cent to HK$71.25, and online-game provider NetEase fell 2.2 per cent to HK$188.30.
HSBC Holdings slumped 2.7 per cent to HK$134.80, after a media report said it was planning to offer underperforming bankers little or no bonus.
Limiting losses, electric vehicle maker Li Auto jumped 3.6 per cent to HK$71.70, and peer BYD advanced 1.2 per cent to HK$92.30.
Overnight in the US, the S&P 500 fell 1.2 per cent for a third straight session, while the tech-heavy Nasdaq 100 extended its sharpest downturn since April. Software stocks continued to slide after artificial intelligence firm Anthropic unveiled a new model aimed at financial research, highlighting intensifying competitive pressures.