Hong Kong shares opened higher on Friday but quickly gave up gains as gold-related stocks and chipmakers came under pressure.
The benchmark Hang Seng Index rose 93 points, or 0.41 percent, to 23,027 at the open before falling back 115 points, or 0.5 percent, to 22,818.
The Hang Seng Tech Index rose 0.51 percent to 3,813 points.
Local tech heavyweights largely shrugged off the sell-off in US tech majors, where Meta, Amazon and Alphabet plunged 7 percent, 4.6 percent and 3.2 percent, respectively. Alibaba (9988) increased 1.2 percent, while Tencent (0700) slid 0.2 percent.
NetEase (9999) advanced 2.4 percent, JD.com (9618) edged 2.1 percent higher, and Meituan (3690) rose 1.9 percent.
Meanwhile, the decline in the US Philadelphia Semiconductor Index, which fell 6.72 percent, and Nvidia’s 4.4 percent drop dragged down chipmakers in Hong Kong. Semiconductor Manufacturing International Corporation (0981) and Hua Hong Grace Semiconductor (1347) dipped 2.2 percent and 2.3 percent, respectively.
In the financial sector, HSBC (0005) slipped 0.2 percent, Hong Kong Exchanges and Clearing (0388) opened flat, and AIA (1299) rose 0.1 percent.
Spot gold fell as much as 2.9 percent, approaching the US$4,000 (HK$31,200)-per-ounce level, leading Zijin Mining (2899) to drop 3.8 percent as the worst-performing blue chip. Lenovo (0992) and CATL (3750) followed, declining 3.3 percent and 3.7 percent, respectively.
