Hong Kong shares dragged down

Hong Kong shares ended lower on Thursday, dragged down by tech stocks after China said it would set up governance rules for algorithms in around three years.

The Hang Seng Index fell 0.4 per cent to 24,575.64, while the China Enterprises Index lost 0.4 per cent to 8,726.38.

Quarterly, the Hang Seng Index dropped 14.8 per cent, its biggest loss since the first quarter of 2020. The China Enterprises Index declined 18.2 per cent, its biggest drop in six years.

The Hang Seng Tech Index went down 1.3 per cent on Thursday.

The Cyberspace Administration of China said on Wednesday algorithms developed by technology firms should uphold core values of socialism and that enterprises should set systems for algorithm safety and responsibility.

Index heavyweight Alibaba Group tumbled 4.1 per cent, dragging the city’s benchmark down 76 points.

The property sub-index and the mainland property sub-index gained 1.6 per cent and 3.6 per cent, respectively, after China’s central bank said.