13.10.202602:12:13UTC+00Hong Kong Stocks Under Pressure as Technology Stocks Slide

The Hang Seng Index fell 0.8%, or 200 points, to around 24,065 on Tuesday, as a tech-led selloff on Wall Street spilled over into Asian markets. Investors cut exposure to artificial intelligence-related stocks amid mounting concerns over stretched valuations and the payoff from heavy AI investment. Brent crude rose to about US$105.90 per barrel on worries about potential supply disruptions in the Middle East and uncertainty over the Russia-Ukraine energy truce, rekindling inflation fears and bolstering expectations that global interest rates may stay higher for longer. Electronic and health technology names led the downturn, with Tencent (-0.3%), Genscript Biotech (-12.4%), Kingboard Laminates (-5.6%), Z.AI Co. (-5.3%), and Lenovo (-4.6%) among the notable laggards. Investors also focused on upcoming quarterly earnings for clues on profit margins and underlying demand, while gauging whether AI-related spending can generate durable returns.