Hong Kong stocks fall at open on global tech sell-off
Hong Kong shares opened lower on Friday, tracking a global tech sell-off as fears of tighter artificial intelligence regulation weighed on sentiment. The Hang Seng Index fell 1.58 per cent, with Lenovo, chipmakers and tech majors leading losses, while energy stocks rose on rebounding oil prices.
Hong Kong shares opened lower on Friday, tracking a global technology sell-off as potential tighter artificial intelligence regulation weighed on market sentiment, according to The Standard.
The benchmark Hang Seng Index dropped 392 points, or 1.58 per cent, to 24,404. The tech gauge slumped 3.11 per cent to 4,025.
Lenovo (0992) kept slipping after logging a 6 per cent loss a day ago, falling 9.6 per cent at the open, marking the worst performance among blue chips.
Chipmakers also dragged down the market. Hua Hong Grace Semiconductor (1347) fell 8.6 per cent despite reporting a 1.5 per cent rise in third-quarter net profit a day earlier, while SMIC (0981) opened 6.4 per cent lower.
Other major technology companies underperformed the broader market, with Alibaba (9988) and Tencent (0700) declining 3.8 per cent and 2.2 per cent, respectively.
In contrast, energy stocks rose on rebounding oil prices. PetroChina (0857) gained 1.5 per cent and CNOOC (0883) edged up 0.3 per cent.