Hong Kong stocks mirror Wall Street slide as gold and silver extend retreat

The Hang Seng Index declined 0.8 per cent to 25,829.01 as of 11.10am local time. The Hang Seng Tech Index fell 1.4 per cent. On the mainland, the CSI 300 Index lost 0.6 per cent and the Shanghai Composite Index dropped 0.4 per cent.

Online-game provider NetEase slumped 4.4 per cent to HK$229.60 while e-commerce firm Alibaba Group Holding dropped 1.9 per cent to HK$162 and search-engine giant Baidu retreated 2.6 per cent to HK$114.50. Gold miner Zijin Mining Group tumbled 3.7 per cent to HK$31.14, while jeweller Chow Tai Fook Jewellery Group lost 4 per cent to HK$15.96.

Limiting losses, blind-box toymaker Pop Mart International jumped 4.5 per cent to HK$261.60, after reporting a 250 per cent year-on-year revenue growth in the three months ending September. Chipmaker SMIC added 0.8 per cent to HK$74.65, and lender HSBC Holdings advanced 0.6 per cent to HK$103.

That follows a retreat in the US overnight, as the S&P 500 Index halted a recent rally while the Nasdaq Composite Index lost 0.2 per cent. Gold was traded below US$4,100 per ounce after dropping as much as 6.1 per cent from the high recorded on Monday, while silver lost 7.9 per cent to US$48.54 over the same period.