Hong Kong stocks extend losses; Hang Seng Index dips below 24,000
Hong Kong shares fell for a second day, with the Hang Seng Index briefly dropping below 24,000 points. The index closed the morning session at 24,092, down 0.9 per cent, dragged by Alibaba and AI stocks, while domestic GPU makers rose.
Hong Kong stocks fell for a second consecutive day on 12 November, with the Hang Seng Index briefly breaching the 24,000-point mark to hit a low of 23,988 points, a drop of nearly 330 points. At the midday close, the index stood at 24,092 points, down 223 points, or 0.9 per cent, on a morning turnover of more than HK$105.6 billion, according to RTHK.
The technology index fell below 4,000 points to 3,970 points, a decline of 1.4 per cent. Alibaba was the biggest loser among blue-chip stocks, tumbling nearly 5 per cent. JD.com dropped nearly 4 per cent, while Xiaomi edged up nearly 1 per cent.
Artificial-intelligence large-model stocks also moved lower, with MiniMax and Zhipu AI falling between 4 per cent and more than 5 per cent. In contrast, domestic graphics processing unit (GPU) stocks performed strongly: Tianshu Zhixin rose 11 per cent and Biren Technology gained nearly 7 per cent.
Pharmaceutical stocks advanced, with WuXi AppTec and BeiGene both rising nearly 3 per cent.