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Hong Kong Stocks Fall on Tech Weakness; Alibaba Slides on HK$80 Billion Share Sale

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Hong Kong stocks closed lower Monday as investors turned cautious ahead of Nvidia's earnings and fresh U.S. sanctions on Iran.

The Hang Seng Index fell 492.13 points, or 1.9%, to close at 25,517.33, while the Hang Seng China Enterprises Index lost 162.98 points, or 1.9%, to finish at 8,471.36.

Technology shares came under pressure ahead of Nvidia's quarterly results as investors watched whether the chipmaker could meet elevated expectations for artificial intelligence demand and spending.

Oil prices eased ahead of U.S. Treasury Secretary Scott Bessent's announcement on sanctions against Iran.

Investors also looked ahead to U.S. inflation data and Federal Reserve Chair Kevin Warsh's speech at Jackson Hole later this week for clues on the central bank's interest rate path.

In corporate news, Alibaba (HKG:9988) fell nearly 9% after launching an HK$80 billion share offering to fund its AI expansion.

Meanwhile, Kingboard Laminates (HKG:1888) ended nearly 6% lower despite its first-half profit surging 209%.

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