Hong Kong stocks see sell-off on Friday, Hang Seng Index hit lowest since May 26

 

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Hong Kong stocks saw a sell-off on Friday, with the benchmark Hang Seng Index sliding 2.26% to 20,156.5, the lowest level since May 26. The index fell by 2.2% for the week.

The Hang Seng Tech Index tumbled 4.8% on the day to close at 4,331.2, a new low since May 30, bringing its weekly loss to 5.8%. The Hang Seng China Enterprises Index slid 2.78% to close at 6,885.5, falling 3.1% for the week.

Technology heavyweights led the sell-off, with Alibaba Group diving more than 6%, bringing its market cap below HK$2 trillion. Kuaishou tumbled by more than 7%, Meituan down more than 6%, Tencent and JD.com sliding over 4%. Drugmakers, consumer stocks, mobile game companies, airlines and mainland property developers were also mostly lower.

Some education companies outperformed, led by New Oriental Education surging by nearly 6%. Solar power companies, shipping companies and paper producers were also higher.