Hong Kong's Benchmark Index Has Second-Worst Day of Year
Dow Jones16:45
0845 GMT - Hong Kong's benchmark stock index posted its worst day since March, weighed by technology and semiconductor shares amid a broader sector selloff. Lenovo closed 11% lower, Hua Hong Grace Semiconductor shed 9.5% and SMIC lost 6.2%. Other decliners included Innovent Biologics, down 8.4%, and CATL, off 7.2%. Index heavyweights Alibaba Group and Tencent Holdings ended down 6.1% and 2.9%, respectively. The fall in Hong Kong tech stocks likely indicates that the market is worried about the returns on AI spending, Morningstar's Lorraine Tan says in an email, noting Alibaba's and Tencent's declines. The Hang Seng Index dropped 3.0% to 22934.68; the city's tech gauge slumped 5.0%.
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