Hong Kong stocks eke out gain as buying by mainland investors overpowers AI, tech jitters
Southbound Stock Connect inflows provide late-session support, helping the benchmark reverse earlier losses
The Hang Seng Index ended 0.1 per cent higher at 26,885.24 as of the close of trading, after dropping as much as 1.6 per cent. The Hang Seng Tech Index gained 0.7 per cent. On the mainland, both the CSI 300 Index and the Shanghai Composite Index lost 0.6 per cent.
Limiting gains, online travel agency Trip.com fell 0.5 per cent to HK$452.60, bourse operator Hong Kong Exchanges & Clearing lost 1.4 per cent to HK$414.40 and Chinese home-grown chipmaker Semiconductor Manufacturing International dropped 1.9 per cent to HK$67.45.
Buying by mainland investors via the Stock Connect mechanism surged to more than HK$24.9 billion (US$3.2 billion), providing late-session support and helping the benchmark reverse its earlier losses.
Overnight in the US, the Nasdaq extended losses to drop 1.5 per cent, while the S&P 500 Index declined 0.5 per cent. Shares of Google owner Alphabet fell 2.2 per cent, and Applovin slumped 16 per cent.