HSI closes below 25,000 points, weighed by Tencent's 7pc decline

Hong Kong stocks closed below the 25,000-point mark on Wednesday, dragged down by tech heavyweights.

The benchmark Hang Seng Index decreased by 239 points, or 0.95 percent, to 24,892, with a full-day turnover of HK$312.7 billion.

The Hang Seng Tech Index also slipped 3.04 percent to 4,668 points. 

Tech heavyweights experienced a selloff despite recent recovery. Tencent (0700) dived by 7 percent as investors raised concerns over its gaming revenue in the second quarter, while Alibaba (9988) dropped nearly 3 percent.

NetEase (9999), also a Chinese gaming company, saw its shares sink the most among blue chips by 7.3 percent.

Chipmakers retreated from early gains, with Semiconductor Manufacturing International Cooperation (0981) and Hua Hong Grace Semiconductor (1347) falling 3.4 percent and 4.2 percent, respectively.

In contrast, gold-related stocks rallied on the rebounding gold price. Laopu Gold (6181) and Zijin Mining (2899) both jumped 6 percent.

In the mainland, the Shanghai Stock Exchange Composite Index was up 0.07 percent to 3,867 points, and the Shenzhen Stock Exchange Component Index dropped 1.42 percent to 14,061 points.

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