FX.co ★ Hong Kong Stocks Extend Sell-Off

The Hang Seng Index fell 0.5% to around 22,822 on Friday, extending losses after Thursday’s sharp sell-off as persistent weakness in technology shares continued to weigh on sentiment. Concerns over the scale and funding of artificial intelligence investments kept global tech stocks under pressure, following a steep overnight decline on Wall Street.

At the same time, Brent crude jumped 4% to US$114 a barrel after Houthi attacks in Saudi Arabia intensified worries about potential supply disruptions in the Middle East, adding to global inflation risks.

On the domestic front, Chinese AI startup DeepSeek reportedly raised about US$15 billion, offering a potentially positive signal for the local AI industry. However, the news was insufficient to counter the broader market downturn.

Major decliners included SMIC (-3.0%), Genscript Biotech (-9.7%), Lenovo (-3.1%), AIA (-0.6%), and Wuxi Biologics (-1.5%). For the week, the Hang Seng Index shed more than 6%.