HK stocks take a hit as Alibaba plunges
Hong Kong stocks tumbled on Friday as market heavyweight Alibaba was hammered after saying it would call off a planned spinoff of its cloud computing business. The Hang Seng Index dived 2.1 percent, or 378 points, to 17,454, dragged down by a 10 percent drop in the Chinese ecommerce titan. The Shanghai Composite Index added 0.1 percent, or 3 points, to 3,054, and the Shenzhen Composite Index gained 0.4 percent, or 8 points, to 1,923. (AFP)