HK, mainland markets feel rumble of Dem AI jitters
Mainland and Hong Kong stocks tumbled in early trade on Friday, tracking a global tech rout as fears of tighter AI regulation and a slowdown in the sector rattled investors. The benchmark Hang Seng Index fell 392 points, or 1.58 percent, to 24,404 while the artificial intelligence index was down some 7 percent. The China enterprises index was down 120 points, or 1.44 percent, at 8,248 while the…
Hong Kong and mainland markets experienced a sharp decline on Friday, mirroring a global tech downturn triggered by concerns over stricter AI regulation and a downturn in the sector. The Hang Seng Index in Hong Kong dropped 392 points, or 1.58%, to 24,404, while the AI index plummeted by 7%. The China Enterprises Index fell by 120 points, or 1.44%, to 8,248, and the tech index suffered a 3.11% decline, closing at 4,025.
On the mainland, the Shanghai Composite Index opened 77 points, or 2.11%, lower at 3,612, and the CSI300 Index slipped 1.5%. The Shenzhen Component Index dropped 426 points, or 3.72%, to 11,044, and the ChiNext Index opened 128 points, or 4.99%, lower at 2,438. The tech sector was the primary driver of the sell-off, with the Star 50 Index and the AI Index both falling more than 5% at the opening bell, before some of the losses were mitigated.
In the United States, the tech-heavy Nasdaq experienced its steepest one-day decline since April 2025, the day President Donald Trump announced new tariffs, resulting in a significant loss of market value due to fears of intensified AI scrutiny following the Democrats' victory in the US midterm elections.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
