Struggling Tech Plays Drag Down HSI

Hong Kong shares fell on Friday, as tech stocks weighed on the city's benchmark index.

The Hang Seng index fell 0.5 percent to 26,391.

Turnover was HK$125.9 billion.

For the week, the HSI rose 0.8 percent.

Chinese internet giant Alibaba fell 2.5 percent on Friday after BlackRock Inc revealed on Wednesday it had sold nearly 90 percent of its holdings of Alibaba in the second quarter.

Peers Tencent declined 2.9 percent and Meituan was down 1.4 percent.

Hang Seng Tech Index closed lower 1.9 percent.

"Rising regulatory and geopolitical risks are weighing on medium-term growth prospects, especially in segments targeted by national reform or security effort," Union Bancaire Privée wrote in a note.

China Mobile rose 3.1 percent, the biggest daily percentage gain since early March. The Beijing-based mobile services provider on Thursday posted a 6 percent rise in first-half net profit and 13.8 percent growth in operating revenue.

China Unicom finished up 1.6 percent and China Telecom gained 1.3 percent.

SMIC slumped 3.9 percent after the Shanghai Stock Exchange said on Thursday it would remove the company from an index of eligible Shanghai stocks under the Shanghai-Hong Kong Stock Connect.

The stock has fallen 12.8 percent this week, on track for the biggest weekly percentage decline since mid-September, 2020. (Reuters)