HK stocks slide as US tech retreat spreads
HK stocks slide as US tech retreat spreads
The Hang Seng Index ended down 269.61 points, or 1.12 percent, at 23,710.69. File photo: RTHK
China stocks ended slightly higher on Wednesday as top financial regulators at the annual Lujiazui Forum delivered few fresh policy signals while Hong Kong shares fell as geopolitical tensions heightened.
The benchmark Hang Seng Index ended down 269.61 points, or 1.12 percent, to close at 23,710.69.
The Hang Seng China Enterprises Index slid 100.48 points, or 1.16 percent, to end at 8,594.19 while the Hang Seng Tech Index slumped 77.44 points, or 1.46 percent, to 5,214.41.
Hong Kong shares of Chinese electric vehicle maker Li Auto fell nearly 5 percent to their lowest since May 9.
Tech majors listed in Hong Kong dropped 1.5 percent, tracking overnight losses in their US-listed counterparts during the New York session.
Mainland Chinese stocks closed higher, with the benchmark Shanghai Composite Index up 0.04 percent at 3,388.81 and the Shenzhen Component Index 0.24 percent higher at 10,175.59. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 0.23 percent to close at 2,054.73.
China's securities regulator announced plans on Wednesday to establish a new segment on Shanghai's tech-heavy STAR market to host pre-profit growth companies and support innovation.
The watchdog also said it would support listing of companies with frontier technologies, in sectors such as artificial intelligence and aerospace.
With few policy surprises from the forum, investors turned their focus to the upcoming July Politburo meeting for clearer signals on economic support.
Tech shares rose as investors drew inspiration from regulators' support toward the sector.
Electronics, communications and AI shares led market gains.
Liquor shares rebounded for the third straight session, after tumbling to their lowest level since September 2024, hit by news that some of China's civil servants were banned from dining out in groups of more than three.
Risk sentiment remained fragile on Wednesday as Iran and Israel launched fresh missile strikes at each other, extending their air war into a sixth day. (Reuters/Xinhua)
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Asia Times
6 hours ago
- Asia Times
Taking the tech measure of China's 'Little Giants'
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Xia Baolong arrives in Hong Kong for five-day visit
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