Hang Seng edges lower by midday, drag by tech and biopharmaceutical shares

Hong Kong stocks edged lower by midday as tech majors and biopharmaceutical sectors tumble.

The benchmark Hang Seng Index retreated 325 points, or 1.29 percent, to 24,949 points, bringing the half-day market turnover to HK$105 billion.

Tech gauge dropped 2.07 percent to 4,329 points.

Tech heavyweights Alibaba (9988) and Tencent (0700) declined 3.55 percent and 1.8 percent. Meituan fell by 3.41 percent, while Kuaishou (1024) and Baidu (9888) fell by 2.6 percent.

Meanwhile, CSPC Pharmaceuticals fell 3.8 percent.

China Unicom (0762) and China Telecom (0728) increased 2.7 percent and 1.54 percent, leading the blue-chip gainers.

In the mainland, the Shanghai Stock Exchange Composite Index slipped 13 points, or 0.35 percent, to 3,937 points, and the Shenzhen Stock Exchange Composite Index also slipped 0.5 percent to 13,647 points.

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