Hong Kong equities ended the week lower, with the Hang Seng Index (HSI) falling 424.67 points, or 1.63%, to 25,584.79 for the week ended Aug 28, after a sharp technology-led sell-off at the start of the week.
The HSI plunged 492.13 points, or 1.89%, to 25,517.33 on Aug 24, its steepest decline of the week, as Alibaba’s US$10.2 billion share placement triggered concerns over AI spending and valuations. Alibaba fell 8.5%, while Tencent and SMIC also came under heavy selling pressure.
The sell-off was particularly pronounced in technology stocks, with the Hang Seng Tech Index dropping 3.6% on Monday. Turnover surged to HK$291.15 billion, reflecting heavy repositioning by investors.
The market stabilised on Aug 25, slipping just 6.23 points before rebounding 141.87 points, or 0.56%, on Aug 26. However, the recovery faded the following day as the HSI fell 87.23 points.
On Friday, the benchmark edged up 19.05 points, or 0.07%, to 25,584.79, but the Hang Seng Tech Index remained under pressure, falling 0.33%.
Separately, Hong Kong Exchanges and Clearing announced that weekly and monthly stock options for SHEIN will begin trading on Sept 1, alongside plans for derivative warrants linked to the company.
