Hong Kong stocks slid on Thursday, joining a global rout that was sparked by the unwinding of artificial intelligence (AI) trades after earnings from mega-tech companies Alphabet and Tesla disappointed.
The Hang Seng Index fell 1.8 per cent to 17,004.97 at the close, the lowest finish since April 23. The Hang Seng Tech Index slid 2 per cent and the Shanghai Composite Index retreated 0.5 per cent.
Technology companies posted sharp falls, with Meituan sliding 5.5 per cent to HK$107.10, Tencent Holdings retreating 3.3 per cent to HK$351.20 and Baidu declining 2.2 per cent to HK$85.80. Gold producer Zijin Mining Group tumbled 5.1 per cent to HK$14.90 on lower bullion prices.
The tumult also swept other major markets in Asia. Japan’s Nikkei 225 was the biggest decliner with a 3.3 per cent loss, while South Korea’s Kospi retreated 1.7 per cent and Australia’s S&P/ASX 200 lost 1.3 per cent.
US stocks saw a meltdown overnight, with the…
