Hong Kong's stock market closed lower on Friday as investors' sentiment was dampened by the lower-than-expected revenue of the U.S. chipmaker Broadcom, said Timothy Pope, a market analyst.
Hong Kong's stock market ended lower on Friday, with the benchmark Hang Seng Index down 1.15 percent to close at 24,961.95 points.
The Hang Seng China Enterprises Index fell 0.77 percent to settle at 8,436.63 points, and the Hang Seng Tech Index fell 1.75 percent to end at 4,888.39 points.
"Around the region there was more of a direct reaction to Wall Street's Broadcom-sparked dip. The Hang Seng lost more than 1 percent and the Hang Seng Tech Index was down 1.8 percent. China's two biggest chip firms, SMIC and Hua Hong Grace were the biggest losers on the tech index today, each with 7-plus percent declines. Chinese EV makers also lost ground. That dragged the tech index lower as well. Insurers and global banking shares were slipping in Hong Kong as well. There was some worry there that their profits might be hit a little bit by changes to Chinese capital control rules last month. So, we saw the likes of AIA, the insurance firm, down 3.5 percent and losses for HSBC and Standard Chartered as well," said Pope.
Broadcom-sparked tech selloff affects Hong Kong market: analyst
