Hong Kong: Stocks end week with big losses

HONG Kong stocks sank more than three per cent on Friday (Oct 28) afternoon as tech firms followed their US counterparts sharply lower after weak earnings from big-name firms including Amazon and Facebook parent Meta.

The Hang Seng Index tumbled 3.66 per cent, or 564.88 points, to 14,863.06.

The Shanghai Composite Index sank 2.25 per cent, or 66.98 points, to 2,915.93, while the Shenzhen Composite Index on China’s second exchange shed 3.40 per cent, or 66.18 points, to 1,879.20.

The hefty losses wiped out the cautious recovery seen since the market suffered a more than six per cent rout on Monday in reaction to President Xi Jinping’s tightened grip on power in China and placement of loyalists in key positions.

Alibaba, Tencent, Meituan and JD.com were among the worst-hit companies, extending losses suffered throughout the year.

On Wall Street, the Nasdaq lost more than one per cent after forecast-missing earnings this week from some of the world’s biggest firms including Apple, Amazon, Meta and Google parent Alphabet.

The results suggested the impact of rising interest rates, surging inflation and an economic slowdown were taking their toll on companies’ bottom lines. AFP