Hong Kong stocks extended the biggest slide in three weeks on Friday, as the rally spurred by China’s advances in artificial intelligence took a pounding amid a narrowing gap with US tech shares and disappointing earnings from leading listed companies controlled by some of the city’s richest families.
The Hang Seng Index closed 2.2 per cent lower at 23,689.72, the lowest in a week and capping a 1.1 per cent loss for the week. The Hang Seng Tech Index slumped 3.4 per cent. On the mainland, the CSI 300 Index dropped 1.5 per cent and the Shanghai Composite Index slid 1.3 per cent.
CK Hutchison Holdings, the conglomerate controlled by the Li Ka-shing family, slumped 3.6 per cent to HK$43.25 after reporting a 27 per cent profit decline last year. Its affiliate CK Asset Holdings lost 5.8 per cent to HK$31.70 after annual net income dropped 21 per cent, while Henderson Land Development, which was founded by the late tycoon Lee Shau-kee,…
