Global stock markets slid on Tuesday as expectations for imminent interest rate hikes by the Federal Reserve and concerns around increased corporate spending on AI dented sentiment.
In Hong Kong, the benchmark Hang Seng Index fell 432 points, or 1.8 percent, to its lowest in over one year. The Hang Seng Tech Index also lost by 3.3 percent to 4,399 points.
Alibaba (9988) slid 3.8 percent to below HK$99. AI firms MiniMax (0100) and Zhipu (2513) slumped by 16 percent and 10 percent, respectively.
The market turnover was HK$334.4 billion.
In the mainland, the Shanghai Stock Exchange Composite Index was down 1.4 percent to 4,106 points and the Shenzhen Stock Exchange Component Index plunged by 3.2 percent to 15,854 points.
Weakness in tech shares plagued regional peers, such as South Korea, where the benchmark KOSPI closed down 9.99 percent, as investors booked profits after recent sharp gains in chipmaker stocks.
Japan’s Nikkei dropped 3.6 percent to 69,788.38, hitting a one-week low and closing below the 70,000 mark for the first time since last Wednesday.
In the US, contracts tracking the tech-heavy Nasdaq fell 2 percent, leading declines among Wall Street futures.
Dow E-minis were down 372 points, or 0.71 percent, S&P 500 E-minis were down 101.25 points, or 1.34 percent.
The pan-European benchmark STOXX 600 fell 1.3 percent to 631.06 points - its lowest since June 12, with most sectors trading in negative territory.
Staff reporter and Reuters
