HK stocks slide more than 3pc to end week
Hong Kong stocks sank more than three percent Friday 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 percent to 14,863. The Shanghai Composite Index sank 2.25 percent to 2,916, while the Shenzhen Composite Index on China's second exchange shed 3.40 percent to 1,879. The hefty losses wiped out the cautious recovery seen since the market suffered a more than six percent rout on Monday. 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 percent 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)