Hang Seng falls 370 points as tech stocks plunge

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Hang Seng Index fell 370 points at market close on Friday, with tech majors falling between 3 percent and 7 percent.

Hang Seng Index fell 370 points at market close on Friday, with tech majors falling between 3 percent and 7 percent.

The benchmark Hang Seng Index fell 370 points, or 1.55 percent, to 23,637 points, bringing the full-day market turnover to HK$195 billion.

Tech gauge declined 3 percent to 3,813 points, with Z.AI (2513) and Minimax (0100) plunging 10 percent and 8.19 percent, respectively.

Among the tech majors, Lenovo (0992) fell 6.33 percent, while Kuaishou (1024) and Xiaomi (1810) dropped 4.5 percent and 3.74 percent, respectively. The heavyweights Alibaba (9988) and Tencent (0700) edged down 3.46 percent and 3 percent, respectively.

Chipmaker Hua Hong Grace Semiconductor (1347) retreated 6.1 percent, while Semiconductor Manufacturing International Corporation (0981) slipped 0.45 percent.

Chinese real-estate company Longfor Group was down 6.43 percent as the worst-performing blue chip.

Oil majors outperformed the market as escalating geopolitical tensions in the Middle East pushed up oil prices and comments from U.S. leadership cast doubt on a quick diplomatic resolution with Iran, with PetroChina (0857) gaining 2.8 percent as the best-performing blue chip, and China Petroleum and Chemical Corporation (0386) rose 1.71 percent.

In the mainland, the Shanghai Stock Exchange Composite Index slipped 21 points, or 0.59 percent, to 3,634 points, and the Shenzhen Stock Exchange Composite Index declined 2 percent to 10,968 points.

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