HK stocks slip as tech rout spreads to Asian markets
Mainland and Hong Kong stocks fell on Friday as a Nasdaq-led tech rout rippled across Asia and fuelled fears the AI boom is losing steam, although bargain hunting helped pare losses in markets across the border buoyed by Beijing's market-supporting measures. In Hong Kong, the benchmark Hang Seng Index ended 315 points, or 1.3 percent, in the red at 24,481 on turnover of HK$247.43 billion but registered a 5.1 percent weekly gain, its best since March 2025. The tech index fell 76 points, or 1.8 percent, to 4,078 but posted its best weekly gain since February 2025, advancing 8.6 percent, while the China Enterprises Index was 94 points, or 1.1 percent, lower at 8,274. Up north, the blue-chip CSI 300 Index dropped 1.4 percent but notched up a 1.7 percent gain for the week to snap a 12-week-long losing streak. The Shanghai Composite Index ended down 40 points, or 1.1 percent, at 3,649 on turnover of 772.63 billion yuan but broke a six-week losing streak to end the week 1.4 percent higher. The Shenzhen Component Index fell 295 points, or 2.57 percent, to 11,175 on turnover of 885.16 billion yuan while the ChiNext Index dived 101 points, or 3.96 percent, to 2,465 on turnover of...
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