Tech Haunts Hong Kong's Stocks as Earnings Start to Fall Short
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Earnings jitters hit shares in Hong Kong after several Chinese tech companies reported worse-than-expected results.
The Hang Seng Index slid 2.4 percent, extending its weekly decline to 3.3 percent, the worst in five weeks. All but one stock on the 50-member gauge dropped, with technology shares tracking overnight losses for Chinese stocks listed in the U.S. Tencent Holdings Ltd. slid 4.9 percent ahead of next week’s quarterly report, while AAC Technologies Holdings Inc. had its worst week since 2010 as brokers downgraded the stock after disappointing results. Sunny Optical Technology Group Co. fell 1.3 percent.