Posted 1/19/2024, 8:48:52 AM
Hong Kong Stocks Extend Losses for Third Straight Week as Tech Giants Tumble
- Hong Kong stocks fell for the third straight week amid losses in Alibaba, Tencent, and BYD
- The Hang Seng Index lost 0.5% on Friday, bringing its weekly decline to 5.9%
- Tencent shares fell 2.3% to HK$271.20, Alibaba dropped 1.7% to HK$65.55
- Foreign investors sold 5.2 billion yuan of Chinese stocks on Friday, the 6th straight day of net outflows
- Valuations of Hong Kong stocks hit near record lows, with price-to-book ratio falling to 0.85 times