Hong Kong stocks continued their downward slide Friday as investors continued to capitalize on their gains after recent highs while global fears of an artificial intelligence bubble cooled following Taiwan Semiconductor Manufacturing Company's earnings results.
The Hang Seng Index fell by around 78.66 points, or roughly 0.3%, to end at 26,844.96 while the Hang Seng China Enterprises Index decreased by 46.05 points, or 0.5%, to close at 9,220.81.
Usmart Securities executive director of research Dickie Wong said Hong Kong stocks were facing short-term profit-taking pressure near recent highs, the South China Morning Post reported.
Meanwhile, Taiwan Semiconductor Manufacturing (TSMC) posted a 35% year-on-year increase in its fourth-quarter profit thanks to strong demand for advanced and high-performance computing chips.
In corporate news, China Youran Dairy (HKG:9858) plans to raise about HK$2.33 billion in net proceeds through a share placing and two share subscriptions.
Shares of the dairy producer were up nearly 2% at close.
Meanwhile, Raffles Interior (HKG:1376) said the company's majority shareholder moved a Cayman Islands court to restrain a planned shareholders meeting and the issuance of new shares.
Shares of the company were down nearly 12% at close.
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