Hang Seng Index tumbles 370 points as US tech selloff ripples to Asia
AM730 · 2 SOURCESabout 2 hours ago2 MIN
Summary
Hong Kong's benchmark stock index opened sharply lower on Friday, November 6, 2026, following a dramatic overnight selloff on Wall Street triggered by Democratic victories in US congressional elections. The prospect of stricter AI regulations under unified Democratic control sent technology stocks into a tailspin, with the Philadelphia Semiconductor Index plummeting 12.25% and dragging Asian markets into the red. The Hang Seng Index opened 392 points down at 24,404, with technology shares bearing the brunt of selling pressure .
Key Points
- The Hang Seng Index fell 370 points or 1.49% to 24,426 by mid-morning, ending a five-session streak of gains .
- The Tech Index dropped 129 points to 4,025 at open, slipping further to 4,062 (down 2.21%) as selling intensified .
- Major tech stocks retreated broadly: Alibaba fell 3.76% to HK$105, Tencent slipped 2.18% to HK$421, and Baidu declined 4.77% to HK$76.8 .
- Lenovo Group suffered the steepest loss among Hong Kong-listed firms, plummeting 9.33% to HK$17.6 after the AI sector selloff raised concerns about its business prospects .
- Chipmakers followed the global semiconductor rout: SMIC fell 6.44% to HK$44.44 and Hua Hong Semiconductor dropped 8.62% to HK$61.5 .
Why It Matters
The synchronized global selloff highlights how closely Hong Kong markets track US policy signals, particularly in the technology and AI sectors where regulatory uncertainty can trigger sharp repricing across borders . With AI expected to be a key driver of economic growth, any perceived tightening of US oversight could reshape investment flows and valuations for Hong Kong-listed tech companies heavily exposed to the sector.
The synchronized global selloff highlights how closely Hong Kong markets track US policy signals, particularly in the technology and AI sectors where regulatory uncertainty can trigger sharp repricing across borders . With AI expected to be a key driver of economic growth, any perceived tightening of US oversight could reshape investment flows and valuations for Hong Kong-listed tech companies heavily exposed to the sector.