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Yulu Ao

Hong Kong stocks fell on Friday, losing ground for the week, as a sell-off in technology stocks continued and dropping prices for gold, silver and cryptocurrencies rattled investors.
The Hang Seng Index lost 1.2 per cent to 26,559.95, marking a 3 per cent weekly loss. The Hang Seng Tech Index lost 1.1 per cent. On the mainland, the CSI 300 Index fell 0.6 per cent and the Shanghai Composite Index slipped 0.3 per cent.
Technology heavyweights led losses. Search-engine operator Baidu dropped 2.2 per cent to HK$137.80, and WeChat operator Tencent Holdings slipped 2 per cent to HK$547.50. E-commerce major Alibaba Group Holding slumped 2.9 per cent to HK$155, while peer JD.com dropped 1.8 per cent to HK$106.90. Short-video sharing platform Kuaishou Technology lost 2.4 per cent to HK$71.25, and online-game provider NetEase fell 2.2 per cent to HK$188.30.
HSBC Holdings slumped 2.7 per cent to HK$134.80, after a media report said it was planning to offer underperforming bankers little or no bonus.
Limiting losses, electric vehicle maker Li Auto jumped 3.6 per cent to HK$71.70, and peer BYD advanced 1.2 per cent to HK$92.30.
Overnight in the US, the S&P 500 fell 1.2 per cent for a third straight session, while the tech-heavy Nasdaq 100 extended its sharpest downturn since April. Software stocks continued to slide after artificial intelligence firm Anthropic unveiled a new model aimed at financial research, highlighting intensifying competitive pressures.
“Recent tech earnings and the market’s reaction suggest that we’re moving into a more discerning phase of the AI cycle,” said Charlotte Daughtrey, investment director for equities at Federated Hermes. “Investors are no longer treating AI‑related capex as an automatic positive but are increasingly focused on whether that spending is translating into tangible revenue growth and a credible path to returns whilst balancing profitability.”
Meanwhile, gold dropped 3.7 per cent and silver slid 8 per cent after plummeting 20 per cent in the prior session. Bitcoin briefly slipped below US$60,000, extending a rout that has erased about half of its value since October.
Three companies made their Hong Kong trading debuts. Muyuan Foods added 3.9 per cent to HK$40.52, while Distinct Healthcare Holdings surged 13 per cent to HK$67.90 and Shenzhen Han’s CNC Technology rose 15 per cent to HK$110.
Elsewhere in the Asia-Pacific region, Japan’s Nikkei 225 added 0.8 per cent, while South Korea’s Kospi dropped 1.4 per cent and Australia’s S&P/ASX 200 slumped 2 per cent.


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Hang Seng Index follows US declines as AI worries and falling prices for gold, silver and cryptocurrency rattle investors


Hang Seng Index follows US declines as AI worries and falling prices for gold, silver and cryptocurrency rattle investors.


Hong Kong stocks drop, led by mainland tech firms, amid global sell-off in gold, crypto

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Hang Seng Index follows US declines as AI worries and falling prices for gold, silver and cryptocurrency rattle investors

Hang Seng Index follows US declines as AI worries and falling prices for gold, silver and cryptocurrency rattle investors