HK Stocks Slump At Open, Hit By Alibaba Warning
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2021-11-19 HKT 09:38
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Hong Kong stocks tumbled at the open on Friday, dragged by market heavyweight Alibaba after it announced a huge plunge in quarterly profits and lowered its revenue outlook as it was hit by a government crackdown on tech firms as well as slowing economic growth.
The Hang Seng Index sank 1.5 percent to 24,934. Alibaba lost more than 10 percent.
The Shanghai Composite Index was marginally lower, dipping 1.43 points to 3,519, and the Shenzhen Composite Index eased 0.1 percent to 2,457. (AFP)
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