Media365
The Hang Seng Index slumped 1.6 per cent to 25,424.06 as of 9.45am local time, putting it on course for the worst weekly decline since April 11. The Hang Seng Tech Index fell 2.7 per cent. On the mainland, the CSI 300 Index declined 1.3 per cent and the Shanghai Composite lost 1.2 per cent.
Among the major losers, search-engine giant Baidu slumped 6.4 per cent to HK$106.60 and home-grown chipmaker SMIC slid 3.5 per cent to HK$70.80. E-commerce firm Alibaba Group Holding lost 3.6 per cent to HK$149.20 and online travel-booking agency Trip.com retreated 3.3 per cent to HK$535.50.
Property stocks helped pare some losses following media reports that the Chinese government was mulling a slew of measures to aid the ailing real estate sector. These include providing mortgage subsidies to first-time homebuyers and lowering transaction costs. Mainland developer Longfor Group Holdings jumped 2.1 per cent to HK$9.96, while peer China Resources Land advanced 1.7 per cent to HK$30.65 and China Overseas Land & Investment added 1.1 per cent to HK$13.87.
Overnight in the US, the S&P 500 Index fell 1.7 per cent, while the Nasdaq lost 2.2 per cent. The pullback underscored a sharp reversal in sentiment as worries about stretched AI valuations and heavy tech spending overshadowed Nvidia’s upbeat forecast, with the chipmaker sliding 3.2 per cent.
Persistent uncertainty over whether the Federal Reserve can cut rates next month also weighed on risk appetite after recent comments from policymakers signalled caution about easing too quickly.
