Hang Seng Falls 1.3% After Nasdaq’s 5.5% Drop; Z.AI Sheds 10.5%
The Hang Seng Tech Index dropped 1.83%, while turnover reached HK$247.4 billion after sharp overnight losses on Wall Street.
The Hang Seng Index fell 315 points, or 1.27%, to 24,481.86 on Friday, 6 November, after a rout in AI and chip stocks pushed the Nasdaq Composite down 5.5% in New York on Thursday and into correction territory.
Turnover was HK$247.4 billion. The Hang Seng Tech Index lost 1.83% to 4,078.23, though it was still up more than 8% for the week, according to Cailian Press.
Z.AI (2513) fell 10.5% and MiniMax (0100) fell 8.5%. Alibaba dropped 3.8% and Tencent 2.5%.
The S&P 500 fell 4.4% on Thursday, its worst day since April 2025, and Nvidia dropped 9.3%, the Associated Press reported. AP cited worries that data-centre construction could slow as borrowing becomes more expensive, and the possibility that Democratic midterm wins could lead governments to pause data-centre building.
The Shanghai Composite fell 1.1% to 3,649.18.
Hua Hong Semiconductor rose more than 4% while most other Hong Kong-listed chip stocks fell. Li Ning (2331) rose 5.2% after a special dividend. HKEX fell 2.3% to HK$385.6 on the day it reported third-quarter profit of HK$4.86 billion, down 1% from a year earlier, Xinhua data showed.