Hong Kong Stocks Fall on Monday on Tech Weakness; HSBC Plummets 6%

MT Newswires Live10-27 16:54

Hong Kong stocks fell Tuesday as continued selling in technology and artificial intelligence shares weighed on sentiment, while a decline in HSBC (HKG:0005) shares added to market losses.

The Hang Seng Index fell 170.49 points, or 0.7%, to close at 23,041.32, while the Hang Seng China Enterprises Index dropped 35.18 points, or 0.5%, to 7,766.91. HKEX Tech 100 Index fell 1.88%.

Investors also remained cautious about the outlook for Chinese equities, with Morgan Stanley warning that mainland and offshore stocks could fall a further 10% to 15% before reaching a bottom, according to the South China Morning Post.

Among individual stocks, HSBC fell nearly 6% despite reporting third-quarter profit attributable to ordinary shareholders of $7.09 billion, up from $4.87 billion a year earlier.

InSilico Medicine (HKG:3696) slipped nearly 1% after reporting preliminary positive results from a Phase 1 trial of its experimental cancer drug ISM6331, developed using generative AI, in patients with mesothelioma and other advanced solid tumors.

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