Chinese Tech Stocks Slide as Strong Rally Spurs Profit Taking
- Hang Seng Tech Index in overbought territory after rally
- Investors had flocked to Chinese tech shares on DeepSeek hype
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Chinese technology stocks fell as traders took some money off the table following a rally driven by optimism over the country’s artificial intelligence potential.
The Hang Seng Tech Index ended Thursday 0.9% lower, reversing an earlier advance that briefly saw the gauge reach a three-year high. The index pushed lower as shares of Alibaba Group Holding Ltd — the latest AI darling — trimmed gains to just 2.6%.