Hong Kong stocks fell on Friday as investors took profits, especially in high-flying sectors, pausing a recent rally.
The Hang Seng Index lost 0.8 per cent to 27,070.25 as of 11am local time, trimming some of the 1.6 per cent gain on Thursday. The Hang Seng Tech Index fell 1.5 per cent. Mainland stock exchanges are closed for the National Day and Mid-Autumn Festival holidays from Wednesday through October 8.
Search-engine giant Baidu lost 2 per cent to HK$136.40 and short-video platform Kuaishou Technology declined 3.9 per cent to HK$88.30. Electric-vehicle maker Li Auto dropped 4 per cent to HK$97.90, while peer BYD slumped 5 per cent to HK$108.20. E-commerce firm JD.com slid 2.5 per cent to HK$139.30 and online-game provider NetEase lost 1.7 per cent to HK$236.40.
Limiting losses, e-commerce firm Alibaba Group Holding added 0.3 per cent to HK$183.60 and pharmaceutical firm WuXi AppTec advanced 0.4 per cent to HK$121.90. Chipmaker Semiconductor Manufacturing International gained 0.6 per cent to HK$90.15.
“Hong Kong stocks saw some profit-taking today, but the pullback was limited, with the index still holding above the 27,000 level,” said Kenny Ng, a strategist with Everbright Securities International. “That is generally healthy. For now, the ‘big up, small down’ trend in the market remains intact. With mainland markets set to reopen next week, Hong Kong stocks are likely to stay resilient until then.”
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