The Hang Seng Index fell 1.2%, or 287 points, to around 22,031 on Thursday, extending its decline for a second straight session as broad-based weakness in technology, retail, and financial stocks weighed on the market.
Sentiment toward technology shares deteriorated after Nvidia slumped 8% in US after-hours trading, following a Wall Street Journal report that the chipmaker was preparing to remove CEO Jensen Huang. The news fueled concerns about leadership instability and added to volatility across the global AI sector.
The mood was further dampened by signs of fatigue in Hong Kong’s IPO market. All six companies debuting this week priced their shares near the bottom of their indicated ranges, highlighting subdued institutional demand.
Investors also remained cautious about the outlook for US monetary policy after stronger-than-expected inflation data reinforced expectations of a Federal Reserve rate hike in December.
Among the notable decliners were Tencent (-1.6%), AIA (-0.7%), Meituan (-1.9%), Alibaba (-2.6%), and CK Hutchison (-3.3%).
