Hang Seng Index drops 370 points as tech stocks plunge
Hong Kong's Hang Seng Index fell 370 points, or 1.55 per cent, to 23,637 on Friday, led by a tech gauge decline of 3 per cent. Z.AI and Minimax tumbled 10 per cent and 8.19 per cent, while oil majors rose on Middle East tensions.
Hong Kong's Hang Seng Index fell 370 points, or 1.55 per cent, to 23,637 points at the close of trading on Friday, according to market data. The full-day market turnover reached HK$195 billion.
The technology gauge declined 3 per cent to 3,813 points, with Z.AI (2513) plunging 10 per cent and Minimax (0100) falling 8.19 per cent. Among other tech majors, Lenovo (0992) dropped 6.33 per cent, while Kuaishou (1024) and Xiaomi (1810) fell 4.5 per cent and 3.74 per cent, respectively. Heavyweights Alibaba (9988) and Tencent (0700) edged down 3.46 per cent and 3 per cent, respectively.
Chipmaker Hua Hong Grace Semiconductor (1347) retreated 6.1 per cent, while Semiconductor Manufacturing International Corporation (0981) slipped 0.45 per cent. Chinese real-estate company Longfor Group was down 6.43 per cent, making it the worst-performing blue chip.
Oil majors outperformed the market as escalating geopolitical tensions in the Middle East pushed up oil prices and comments from U.S. leadership cast doubt on a quick diplomatic resolution with Iran. PetroChina (0857) gained 2.8 per cent as the best-performing blue chip, and China Petroleum and Chemical Corporation (0386) rose 1.71 per cent.
On the mainland, the Shanghai Stock Exchange Composite Index slipped 21 points, or 0.59 per cent, to 3,634 points. The Shenzhen Stock Exchange Composite Index declined 2 per cent to 10,968 points.