Hong Kong Stocks Drop on Tech Weakness

The Hang Seng Index fell 1.4%, or 325 points, to 22,747 on Friday, extending losses as weakness in global technology stocks continued to weigh on investor sentiment. The cautious mood followed a volatile overnight session on Wall Street, where renewed selling in megacap technology shares offset optimism from upbeat semiconductor earnings. Investors also remained cautious despite the Hong Kong debut of Apple supplier Lingyi iTech, whose HK$8.3 billion IPO highlighted continued interest in AI-related listings but failed to lift broader market sentiment. Technology stocks led the decline, while financial and producer manufacturing shares also came under pressure. Among the notable laggards were Tencent (-1.4%), AIA (-1.8%), Semiconductor Manufacturing International Corporation (-2.5%), Lenovo (-4.2%), and Kingboard Laminates (-1.3%). The downside was partially offset by gains in Kingboard Holdings (+0.9%) and CITIC Resources Holdings (+8.5%).

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