Hong Kong's Hang Seng Index falls 1.8%, snapping a six-day winning streak as semiconductor and AI-related stocks plunge

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On the 17th, Hong Kong's Hang Seng Index fell 446.36 points, or 1.78%, to 24,562.24, snapping a six-day winning streak. Escalating tensions in the Middle East and uncertainty surrounding AI investment weighed on investor sentiment. The sharp sell-off in semiconductor stocks in the US market overnight spilled over into Asia, with tech stocks leading the decline in Hong Kong. The Hang Seng Tech Index underperformed the major indices, dropping 4.4%. Among constituent stocks, SMIC tumbled 10.0%, Kuaishou Technology fell 7.8%, and Laopu Gold dropped 6.3%. The semiconductor sector was broadly lower, with Shanghai Biren Technology plunging 15.0%, Hua Hong Semiconductor falling 11.9%, and GigaDevice Semiconductor declining 11.1%. AI technology and related industry stocks were also sold off, with Beijing Zhipu Huazhang Technology plummeting 28.5%, MiniMax Group falling 15.6%, and Kingsoft Cloud Holdings dropping 10.5%. In contrast, defensive transport infrastructure stocks such as toll roads and railways attracted buying interest, with Anhui Expressway rising 4.3% and MTR Corporation gaining 2.1%.