Hong Kong shares slid at midday on Thursday, dragged lower by broad weakness in heavyweight technology stocks and sharp declines in gold miners, while mainland Chinese markets also traded weaker.
The Hang Seng Index fell 1.27 percent to 26,506 by the midday break, with main-board turnover at about HK$168.3 billion. The Hang Seng Tech Index hovered around the 5,300 level, ending the morning down 1.16 percent at 5,304.
Major technology stocks were mostly under pressure. Alibaba (9988) dropped 2.45 percent to HK$155.6, while Tencent (0700) fell 2.87 percent to HK$542, extending its losing streak to five sessions and pushing its market capitalisation below HK$5 trillion. Meituan (3690) slipped 0.43 percent to HK$91.75, and Kuaishou Technology (1024) declined 3.21 percent to HK$70.8. NetEase (9999) fell 1.62 percent to HK$188.8, and JD.com (9618) eased 0.74 percent to HK$107.1. Xiaomi (1810) bucked the trend, rising 0.65 percent to HK$34.18.
Baidu (9888) gained 0.95 percent to HK$138.5 after announcing a share buyback programme of up to US$5 billion.
Gold-related stocks retreated after easing geopolitical concerns following talks between Chinese and US leaders weighed on bullion prices. China Gold International Resources (2099) tumbled 6.7 percent, Lingbao Gold (3330) slid 4.63 percent, and Zijin Mining (2899) dropped 6.24 percent, making it the worst-performing blue chip. Zhaojin Mining Industry (1818) fell 4.02 percent, while Shandong Gold Mining (1787) declined 5.31 percent.
Mainland Chinese equities were also lower by midday. The Shanghai Composite Index slipped 1.03 percent to 4,059, while the Shenzhen Component Index dropped 1.81 percent to 13,900.
