Tech stocks weigh Hong Kong market down

Hong Kong stocks once tumbled nearly 400 points on Thursday afternoon, dragged down by weakness in technology stocks.

The benchmark Hang Seng Index dropped as much as 392 points to 24,808 before closing 202 points down, or 0.8 percent, at 24,998.

The China Enterprises Index fell 103 points, or 1.14 percent, to 8,916 while the Hang Seng Tech Index slipped 53 points, or 0.93 percent, to 5,644.

Market turnover on the main board was HK$391.4 billion.

Technology stocks mostly took a hit on Thursday. Meituan (3690) tumbled 12.5 percent after results missed expectations. Tencent (0700) slipped 0.8 percent, Alibaba (9988) fell 4.6 percent, Xiaomi (1810) declined 0.1 percent, and JD.com (9618) dropped 5 percent, while Kuaishou Technology (1024) ended flat.

In the mainland, the Shanghai Composite Index closed at 3,843 points, up 43 points or 1.14 percent, while the Shenzhen Component Index ended at 12,571 points, gaining 276 points or 2.25 percent.

STAFF REPORTER