Hong Kong stocks sink 344 points to 3-month low as financials, AI shares slide
Hong Kong shares fell 344 points, or 1.4 per cent, to close at 23,785, a three-month low, dragged by financial and artificial-intelligence related stocks. The technology index dropped nearly 2.9 per cent, while turnover jumped to about HK$207 billion as mainland markets resumed trading after the Nat
Hong Kong stocks fell for a second straight session on Thursday, with the Hang Seng Index closing below the 24,000-point mark to hit a three-month low, as financial and artificial-intelligence related shares led a broad decline.
The benchmark index widened losses in the afternoon to finish at 23,785 points, down 344 points, or more than 1.4 per cent. Turnover surged to about HK$207 billion as mainland Chinese markets reopened after the National Day holiday and southbound trading resumed.
Financial counters came under heavy selling pressure, with HSBC, Bank of China, Standard Chartered and Bank of East Asia dropping between nearly 5 per cent and 6 per cent. Hong Kong Exchanges and Clearing fell more than 1 per cent, while AIA held steady.
The technology index was the worst performer among major gauges, losing about 2.9 per cent to close at 4,073 points, still above the 4,000-point support level. JD.com edged higher, but the other members of the so-called ATMXJ group of Chinese tech giants fell between more than 1 per cent and over 2 per cent.
Chip and AI model-related stocks tumbled, with Hua Hong Semiconductor and MINIMAX sliding more than 9 per cent and nearly 14 per cent respectively. Biren Technology dropped nearly 12 per cent after the company raised more than HK$4 billion through a share placement priced at a discount of about 10 per cent, its second such move in three months.
In contrast, mainland property developers bucked the weak trend, with China Resources Land and COLI both advancing nearly 3 per cent or more. The three major Chinese oil giants rose over 2 per cent, while mainland banks were broadly steady.