Hang Seng Index fell below 24,000 at market close on Friday as the 10-year US Treasury yield hit a more-than-two-decade high and rising oil prices dampened investor appetite for risk assets.
The benchmark Hang Seng Index tumbled 640 points, or 2.6 percent, to 23,972 points, delivering a full-day market turnover of HK$145 billion. It once fell by as much as 740 points to 23,872 points in early trading.
Tech gauge declined 2.26 percent to 4,157 points, with chip maker Shanghai Iluvatar CoreX Semiconductor (9903) falling 6.6 percent. Minimax (0100) and Z.AI narrowed some early losses to close down 2.96 percent and 2.26 percent.
The financial sector suffered the heaviest losses among the blue chips, with insurer AIA (1299) retreating 6 percent, the worst-performing blue chip. HSBC (0005) dropped 5.4 percent, and Hong Kong Exchanges and Clearing (0388) fell 3 percent.
Standard Chartered (2888) also fell nearly 6 percent.
Macau gaming stocks listed in Hong Kong declined broadly, with Galaxy Entertainment (0027) dropping 4 percent, as the city's gaming revenue continued to fall in September.
Biotech shares also tumbled, with BeOne Medicines (6160) falling 5.86 percent.
Among the tech heavyweights, Kuaishou (1024) and Xiaomi (1810) plunged 4.4 percent and 4 percent. Baidu (9888) lost 3 percent, while Alibaba (9988) and Tencent (0700) dropped 2 percent and 2.27 percent, respectively.
Chinese machinery and equipment manufacturer Weichai Power led the blue-chip gains by rising 1.39 percent.
China's onshore financial markets are closed from October 1 to October 7 for the National Day holidays. Trading will resume next Thursday, October 8.
Staff reporter and Reuters
