FINWIRES · TerminalLIVE
FINWIRES

Hong Kong Stocks Retreat in Global Tech Sell-Off; Jiangxi Copper Slips

By

Hong Kong stocks closed sharply lower Friday as a global sell-off in technology shares gathered pace.

The Hang Seng Index fell 1.8%, or 446.36 points, to close at 24,562.24, while the Hang Seng China Enterprises Index lost 2.2%, or 181.41 points, to finish at 8,136.73.

Technology stocks led the decline as investors unwound positions in AI-related names, with a broad semiconductor sell-off sweeping across Asian markets despite strong earnings from industry leaders earlier this week.

Meanwhile, oil prices remained elevated after Iran launched fresh attacks on U.S. facilities in the Gulf following another round of U.S. strikes on Iranian military sites.

Investors also kept an eye on renewed trade tensions after the United States imposed a 25% tariff on some imports from Brazil.

In corporate news, Jiangxi Copper (HKG:0358, SHA:600362) closed over 5% lower after its board approved the proposed spin-off and Hong Kong listing of its controlled subsidiary, Jiangxi JCC Copper Foil Technology.

Related Articles

Asia

GF Securities Issues Bonds Worth 6 Billion Yuan

GF Securities (SHE:000776, HKG:1776) issued two tranches of bonds amounting to 6 billion yuan, according to a Shenzhen bourse filing on Friday.The first tranche, worth 4.2 billion yuan, has a 1.50% coupon rate and a term of 287 days.The second tranche, worth 1.8 billion yuan, has a 1.51% coupon rate and a term of 357 days.

HKG:1776SHE:000776
Asia

Market Chatter: Japan Eyes 5% Ownership Threshold to Call Shareholder Meetings

Japan's government and the ruling Liberal Democratic Party are eyeing to raise the minimum ownership stake required for shareholders to call extraordinary general meetings to 5% from 3%, Nikkei Asia reported Friday.The proposal also seeks to limit shareholder proposals by restricting changes to articles of incorporation related to business decisions such as fundraising, organization, and personnel. The Japanese government could submit a bill in the ordinary Diet session beginning in January 2027, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Nikkei 225
Asia

AMP's Balance of Business Looks to be Performing Better than Consensus Expectations, Jefferies Says

AMP's (ASX:AMP) balance of the business looks to be performing better than consensus expectations, Jefferies said in a Thursday note.AMP reported that first half underlying net profit after tax is likely to fall between AU$170 million and AU$180 million, with a consensus forecast of AU$142 million, due to factors which include a stronger contribution from the China partnerships as well as improved investment income.It will recognize AU$18 million of pre-tax carried interest in the period within Other Partnerships, relating to DigitalBridge's sale of a 51% stake in the remaining assets of a legacy AMP Capital infrastructure fund. Further upside remains possible if the remaining 49% interest is sold and the necessary criteria are met.Mortgage securitizations so far in 2026 are signaling a more capital-light model.The investment firm retained a buy rating to AMP and raised the price target to AU$2.07 from AU$1.75.AMP's shares were up nearly 4% in recent Friday trade.

ASX:AMP