Hang Seng falls 1.55% to 23,637.60 as tech stocks slide

The Hang Seng closed at 23,637.60 points on Friday, November 13, down 370.95 points or 1.55 percent from Thursday's close of 24,008.55. MarketWatch listed the index as closed at 4:08 p.m. Hong Kong time, providing both the session close and the previous-session comparison in its Hang Seng Index data.

Technology weakness dominated the session

The decline was broad across major technology names and AI-related hardware companies. The Hang Seng Tech Index fell 3.02 percent to 3,813.19 points, according to Xinhua. The report also put the Hang Seng China Enterprises Index at 7,937.53 points, down 1.48 percent.

Large-cap technology stocks were among the main areas of weakness. Longbridge's Friday market wrap reported declines of 3.47 percent for Alibaba, 3.06 percent for Tencent and 3.74 percent for Xiaomi. It also said AI hardware and semiconductor names led the retreat, with Kingboard Laminates down 8.25 percent and Yangtze Optical Fibre and Cable down 7.28 percent. The detailed Longbridge market wrap attributed the pressure to concerns surrounding advanced AI-chip access and the global AI hardware supply chain.

Oil shares offered a counterweight

The market's weakness was not uniform across sectors. Longbridge reported that PetroChina rose 2.79 percent to 10.33 Hong Kong dollars, while CNOOC finished unchanged at 22.84 Hong Kong dollars. Pork-related shares also attracted buying, although these gains were not enough to offset the decline in technology, semiconductor and new-energy-vehicle stocks.

For investors monitoring regional risk appetite, Friday's move brought the benchmark below 24,000 points and left the index 1.55 percent lower on the session. The official closing figure and sector-index data were also reported by Xinhua in its November 13 market summary.

More coverage is available on the Hang Seng topic page.