Hong Kong Shares Fall As Tech Stocks Suffer

Hong Kong stocks tumbled more than 1 percent on Thursday, in line with broad losses across Asia, with technology firms and energy giants among the big losers.

The Hang Seng Index shed 1.1 percent, to close at 30,007.

On the mainland, the Shanghai Composite Index dropped 1.4 percent, to 3,075 and the Shenzhen Composite Index lost 2.2 percent, to 1,770.

Further weakness in the technology sector dragged other Asian equities also while the US dollar eased from its latest rally but it held most gains as US Treasury yields sat at four-year highs.

Sydney and Singapore each dipped 0.2 percent. Manila, Wellington and Bangkok also sank. Jakarta dived more than 2 percent on worries Indonesia's central bank is preparing to raise interest rates.

However, Tokyo ended 0.5 percent higher thanks to a weaker yen, while Seoul jumped more than 1 percent and the won also gained ahead of a historic North-South Korea summit on Friday.

A strong earnings report from South Korean titan Samsung saw its stock jump 3.5 percent but it warned about falling demand for high-tech handsets as well as competition from Chinese companies.

Apple supplier LG Display fell 3.2 percent in Seoul while in Taipei chip giant TSMC slipped 1.3 percent and Foxconn shed 1.2 percent. Among other tech firms Hong Kong-listed AAC Technologies dived almost six percent and Tencent shed 2.2 percent.

Oil prices built on recent gains as uncertainty over Trump's decision regarding the Iran nuclear deal, along with the Opec-Russia output cap, helped offset a disappointing reading on US stockpiles. (AFP)