Hong Kong stocks extended losses on Wednesday, tracking Wall Street’s weakness amid growing fears of an artificial intelligence bubble, while uncertainty over the Federal Reserve’s rate-cut trajectory further curbed risk appetite.
The Hang Seng Index declined 0.1 per cent to 25,935.41 at the close, adding to the 0.8 per cent loss a day earlier. The Hang Seng Tech Index slumped 0.6 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.1 per cent.
Technology firms were among the big losers. E-commerce giant Alibaba Group Holding slumped 0.3 per cent to HK$158.50 and peer JD.com slid 0.5 per cent to HK$122.80. Online travel-booking agency Trip.com lost 1.4 per cent to HK$541, while short-video platform Kuaishou Technology lost 0.7 per cent to HK$70.95. Electric-vehicle maker BYD slumped 1.8 per cent to HK$95.40, while smartphone and carmaker Xiaomi eased 0.2 per cent to HK$43.32.
The losses…
