{"slug": "hang-seng-index-heads-for-worst-week-in-over-a-year-as-renewed-sell-off-engulfs", "title": "Hang Seng Index heads for worst week in over a year as renewed sell-off engulfs tech names", "summary": "Hong Kong's Hang Seng Index fell 2.3% on Friday, heading for a 5.8% weekly loss, its worst in over a year, as a renewed sell-off in technology stocks gripped Asian markets. The decline was exacerbated by an 8% slump in South Korea's Kospi index, driven by investor concerns over frothy AI valuations and hawkish Federal Reserve policy.", "body_md": "# Hang Seng Index heads for worst week in over a year as renewed sell-off engulfs tech names\n\nA more than 8 per cent slump in South Korea’s Kospi index, which is at the centre of the AI trade in Asia, further unsettles investors\n\n[Zhang Shidong](/author/zhang-shidong)in Shanghai\n\n[Stocks](https://www.scmp.com/business/markets?module=inline&pgtype=article)in Hong Kong and on mainland China tumbled on Friday, as a fresh bout of sell-offs in technology companies put the city’s equity benchmark on track for its worst weekly performance in more than a year.\n\nThe Hang Seng Index fell 2.3 per cent to 22,538.65 as of 11.38am local time, heading for a 5.8 per cent loss this week. If the rate of decline holds until the close, it will be the biggest drop for the five-day period since April 11, 2025.\n\nThe Hang Seng Tech Index dropped almost 4 per cent.\n\nOn the mainland, the CSI 300 Index slid 2.8 per cent, the Star Market 50 index sank 2.6 per cent and the ChiNext 50 gauge lost 4.2 per cent.\n\nA more than 8 per cent slump in South Korea’s Kospi index, which is at the centre of the frantic AI trade in Asia, further unsettled investors who were wary of frothy valuations and leveraged positions on tech stocks. The global AI trade has stumbled over the past week after rebounding from an oil shock-driven low, as the Federal Reserve pivots to a hawkish stance and investors demand more evidence of AI monetisation that can justify the massive capital expenditure.\n\nAlibaba Group Holding and Tencent Holdings slumped at least 2 per cent. AI model developer MiniMax Group tumbled 8.8 per cent, and peer Knowledge Atlas Technology plunged 6.7 per cent.", "url": "https://wpnews.pro/news/hang-seng-index-heads-for-worst-week-in-over-a-year-as-renewed-sell-off-engulfs", "canonical_source": "https://www.scmp.com/business/china-business/article/3358428/hang-seng-index-heads-worst-week-over-year-renewed-sell-engulfs-tech-names?utm_source=rss_feed", "published_at": "2026-06-26 03:42:12+00:00", "updated_at": "2026-06-26 03:44:17.978841+00:00", "lang": "en", "topics": ["artificial-intelligence", "ai-policy", "ai-research"], "entities": ["Hang Seng Index", "Hang Seng Tech Index", "CSI 300 Index", "Kospi", "Alibaba Group", "Tencent Holdings", "MiniMax Group", "Knowledge Atlas Technology"], "alternates": {"html": "https://wpnews.pro/news/hang-seng-index-heads-for-worst-week-in-over-a-year-as-renewed-sell-off-engulfs", "markdown": "https://wpnews.pro/news/hang-seng-index-heads-for-worst-week-in-over-a-year-as-renewed-sell-off-engulfs.md", "text": "https://wpnews.pro/news/hang-seng-index-heads-for-worst-week-in-over-a-year-as-renewed-sell-off-engulfs.txt", "jsonld": "https://wpnews.pro/news/hang-seng-index-heads-for-worst-week-in-over-a-year-as-renewed-sell-off-engulfs.jsonld"}}