Hong Kong Stocks End Lower on Tech Weakness; Geely Shares Slide 4%

MT Newswires Live10-29 16:40

Hong Kong stocks closed lower on Thursday, weighed down by losses in technology and AI-linked shares.

The Hang Seng Index shed 0.6%, or 136.18 points, to finish at 22,958.65, while the Hang Seng China Enterprises Index slipped 0.5%, or 35.97 points, to end at 7,755.66.

Tech stocks came under pressure following mixed reactions to US corporate earnings, as investors weighed strong results against concerns over rising AI-related spending.

In corporate news, shares of Geely Automobile (HKG:0175) ended over 4% lower even after reporting 4.84 billion yuan in third-quarter attributable profit, up from 3.79 billion yuan a year earlier. Revenue climbed to 99 billion yuan from 89.7 billion yuan.

COSCO Shipping Energy Transportation (HKG:1138) said Chief Financial Officer Tian Chao resigned effective Wednesday due to a change in work assignments. General Manager Wang Mingfeng will serve as acting CFO. Shares retreated nearly 4%.

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