Hang Seng Index Slides, Tech Sector Shares Slump

Hong Kong shares tumbled on Thursday morning following a sell-off on Wall Street, with energy and tech firms among the big losers, as investors fret over China-US tensions.

The Hang Seng Index shed 1.3 percent, to 27,346 by the break.

On the mainland, the Shanghai Composite Index fell 0.8 percent, to 2,880, while the Shenzhen Composite Index slipped 0.8 percent, to 1,518.

Other Asian markets also tumbled, while the pound hit a fresh-four-month low on Brexit worries and energy firms were battered by plunging oil prices.

Tokyo down 0.8 percent at lunch. Taipei was more than 1 percent off while Seoul shed 0.6 percent and Manila fell 0.4 percent.

The US bar on Huawei and move by a number of companies around the world to cut back their business with the firm has hammered the Asian tech sector with major firms seeing their valuations tumble in recent weeks.

Hong Kong market heavyweight Tencent dived more than 2 percent, Sony shed more than 3 percent in Tokyo, Seoul-listed LG Display dived by a similar amount and TSMC shed almost 3 percent in Taipei.

Forex traders were offloading the pound as Prime Minister Theresa May faces being ousted after her revised plan to push through her Brexit agreement faced a barrage of criticism making it unlikely to be passed by MPs.

The British currency slipped to US$1.2655 from US$1.2661 on Thursday while it was fetching HK$9.93. (AFP)

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