FX.co ★ Hong Kong Stocks Extend Losing Streak on Tech Concerns

The Hang Seng Index fell 0.4% to 23,917 on Friday, extending its decline for a third straight session as renewed concerns over Nvidia’s leadership turmoil and its implications for China’s technology sector weighed on sentiment, despite a rebound in regional semiconductor stocks. The scandal surrounding Nvidia’s leadership reignited worries about tighter US export controls and possible disruptions to supplies of advanced chips for Chinese AI developers. The Hang Seng Tech Index remained up about 5% for November but lost momentum amid rising concerns over escalating AI investment costs and uncertain profitability. Meanwhile, Chinese AI satellite maker Adaspace Technology slipped 1.8% in its Hong Kong trading debut after raising HK$750 million in its IPO. Investors were also awaiting Hong Kong’s third-quarter GDP data and looking ahead to earnings from Tencent, Alibaba, Baidu, and JD.com next week. Major laggards included Tencent (-2.0%), J&T (-1.5%), and Xiaomi (-1.0%).