Tech stocks skid, sinking Hang Seng

Business | 11 May 2021 12:00 pm

Tech stocks suffered a sell-off in Hong Kong  along with lossses  in Asia Tuesday, following a sharp fall in the Nasdaq overnight.

The benchmark Hang Seng Index has tumbled by 27,982.21, down by 613.45 points, or 2.15 percent.

The Hang Seng Tech Index has skidded to 7,589.54, lower by 296.48 points, or 3.76 percent.

Meituan (3690) has given up 7.76 percent at HK$242.40. Alibaba Group (9988) shed 3.53 percent at HK$207.60. Tencent (0700) fell by 2.94 percent at HK$577.50/

Xiaomi (1810) has lost 2.38 percent at HK$24.60.

The main board turnover was HK$109.45 billion. Among blue-chips, HSBC (0005) gave up 1.2 percent; AIA (1299) slid by 2.2 percent; Hong Kong Exchanges and Clearing (0388) fell by 2.8 percent.

Overnight on Wall Street, the Nasdaq 100 -- trading at more than 5 times annual revenue -- dropped by more than 2.5 percent. Volatility in tech stocks jumped by the most since early March, Bloomberg reports. With inflation expectations leaping to the highest level since 2006, everything from the biggest megacap tech stocks to the frothiest small fry was slammed.

Chinese blue chips are also lower. The CSI 300 Index is at 4,978.62, down by 0.28 percent.


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