Hong Kong stocks extend losses as tech heavyweights drag market lower

Hong Kong stocks weakened further on Monday morning, extending last Friday’s decline as major technology names continued to slide.

The benchmark Hang Seng Index fell 213 points, or 0.8 percent, to 26,359 at the midday break, with turnover reaching HK$118.4 billion. The Hang Seng China Enterprises Index slipped 0.79 percent to 9,323, while the Hang Seng Tech Index dropped 1.19 percent to 5,743.

Losses in heavyweight tech stocks weighed on the broader market. Alibaba (9988) declined 0.58 percent to HK$154, while Tencent (0700) retreated 0.62 percent to HK$637. Meituan (3690) dipped 0.05 percent to HK$99.95, and Xiaomi (1810) slipped 1.13 percent to HK$41.88.

Baidu (9888) fell 2.82 percent to HK$113.80, Kuaishou Technology (1024) dropped 1.19 percent to HK$66.30, and NetEase (9999) slid 1.55 percent to HK$216.