Hong Kong Stocks Extend Losing Streak on Tech Concerns
The Hang Seng Index fell 0.4% to 23,917 on Friday, extending losses for a third consecutive session as concerns over Nvidia's leadership turmoil and its implications for China's technology sector weighed on sentiment, despite a recovery in regional semiconductor shares. Nvidia's leadership scandal revived concerns over tighter US export restrictions and potential disruptions to advanced chip supplies for Chinese AI developers. The Hang Seng Tech Index remained up about 5% in November but lost momentum amid concerns over rising AI investment costs and profitability. In addition, Chinese AI satellite maker Adaspace Technology slipped 1.8% in its Hong Kong trading debut after raising HK$750 million through its IPO. Investors also awaited Hong Kong's third-quarter GDP figures and looked ahead to earnings from Tencent, Alibaba, Baidu and JD.com next week. Notable laggards included Tencent (-2.0%), J&T (-1.5%) and Xiaomi (-1.0%).
The Hang Seng Index fell 0.4% to 23,917 on Friday, extending losses for a third consecutive session as concerns over Nvidia's leadership turmoil and its implications for China's technology sector weighed on sentiment, despite a recovery in regional semiconductor shares. Nvidia's leadership scandal revived concerns over tighter US export restrictions and potential disruptions to advanced chip supplies for Chinese AI developers. The Hang Seng Tech Index remained up about 5% in November but lost momentum amid concerns over rising AI investment costs and profitability.
In addition, Chinese AI satellite maker Adaspace Technology slipped 1.8% in its Hong Kong trading debut after raising HK$750 million through its IPO. Investors also awaited Hong Kong's third-quarter GDP figures and looked ahead to earnings from Tencent, Alibaba, Baidu and JD.com next week. Notable laggards included Tencent (-2.0%), J&T (-1.5%) and Xiaomi (-1.0%).