Hong Kong stocks slide 1 per cent as chip and AI shares lead losses
Hong Kong shares fell 1 per cent on Wednesday, with the Hang Seng Index closing at 24,062 after losing 251 points. Chip and artificial-intelligence stocks suffered heavy selling, while some pharmaceutical, banking and consumer names bucked the trend.
Hong Kong stocks fell with regional markets on Wednesday, with the Hang Seng Index closing at 24,062 points, down 251 points or 1 per cent. The benchmark traded around the 24,000-point level and at one stage dropped nearly 370 points. Mainboard turnover reached about HK$224.2 billion.
The technology index fell 2.7 per cent to 4,060 points. Chip and artificial-intelligence related stocks came under heavy selling pressure. Lenovo Group dropped nearly 15 per cent, making it the worst performer among both Hang Seng Index and technology index constituents. Tian Shu Xin Zhi fell nearly 14 per cent, while Zhipu and MiniMax lost more than 10 per cent and 12 per cent respectively.
Among the ATMXJ group of major internet stocks, most moved lower. Xiaomi rose nearly 3 per cent, but the others fell between more than 1 per cent and nearly 4 per cent, with Alibaba recording the largest decline.
Several metals-related stocks also fell sharply, with Luoyang Molybdenum, China Hongqiao and Chalco all dropping more than 6 per cent.
Some pharmaceutical, mainland banking and domestic-consumption stocks rose against the trend. BeiGene gained nearly 3 per cent, making it the best-performing blue-chip stock of the day.