Hong Kong Stocks Suffer Weekly Loss Amid Tech Sell-off

Hong Kong and Chinese stocks suffered significant declines this week, primarily driven by a sell-off in technology shares amid disappointing earnings reports from major companies. The Hang Seng Index fell by over 2%, with tech giants like Alibaba and Semiconductor Manufacturing International experiencing notable losses. The Hang Seng Tech Index and the Hang Seng China Enterprises Index also saw substantial dips, marking a second consecutive week of losses. In mainland China, the CSI 300 and Shanghai Composite indexes experienced similar declines as investor optimism waned due to profit-taking and lack of new market catalysts. Concerns were further exacerbated by disappointing earnings from firms like CK Hutchison and CK Asset, which reported significant profit drops. Despite some positive economic indicators, such as Hong Kong's GDP growth, investor sentiment remained bearish.