Hong Kong shares fall over 2pc as tech and miners slide, Macau casinos rise

Hong Kong stocks tumbled more than 2 percent on the first trading day of February, led by steep losses in tech shares.

The benchmark Hang Seng Index fell 656 points, or 2.4 percent, to 26,730, on turnover of HK$178.1 billion. The China Enterprises Index dropped 252 points, or 2.71 percent, to 9,064. The Hang Seng Tech Index plunged 3.68 percent to 5,507.

Technology giants were broadly weaker. Alibaba (9988) slid 3.25 percent to HK$163.7, Tencent (700) lost 1.32 percent to HK$598, Meituan (3690) dropped 2.67 percent to HK$94.6, Xiaomi (1810) fell 2.99 percent to HK$34.44, Kuaishou Technology (1024) fell 3.49 percent to HK$77.35, Baidu (9888) declined 3.6 percent to HK$147.3, JD.com (9618) eased 1.6 percent to HK$110.6, and NetEase (9999) slid 3.41 percent to HK$198.

Gold and silver miners extended losses, with China Gold International Resources (2099) down 5.85 percent to HK$193.2, Lingbao Gold (3330) off 8.7 percent to HK$21.2, Zijin Mining (2899) down 6.63 percent to HK$39.12, Zhaojin Mining Industry (1818) down 7.51 percent to HK$33.48, Shandong Gold Mining (1787) plunged 10.62 percent to HK$39.56, Chifeng Jilong Gold Mining (6693) fell 9.52 percent to HK$36.1, and China Silver (0815) tumbled 10 percent to HK$0.63.

Macau gaming stocks bucked the broader market weakness after January gross gaming revenue beat estimates. Sands China (1928) rose 3.82 percent to HK$17.68, Galaxy Entertainment (0027) gained 0.75 percent to HK$40.1, MGM China (2282) climbed 0.56 percent to HK$12.57, SJM Holdings (0880) slipped 0.83 percent to HK$2.38, and Wynn Macau (1128) edged up 0.86 percent to HK$5.84.