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Hong Kong stocks plunge in tech-led selloff

AFP . Hong Kong
22 Dec 2023 18:44:09 | Update: 22 Dec 2023 18:44:09
Hong Kong stocks plunge in tech-led selloff
A man walks past an electronic board showing sharply lower numbers on the Tokyo Stock Exchange in Tokyo on November 4, 2022 — AFP Photo

Hong Kong shares finished sharply lower Friday as tech firms were hammered after China unveiled plans to restrict the online gaming industry.

The Hang Seng Index tumbled 1.69 per cent, or 280.72 points, to 16,340.41.

Tencent dived 12.4 -- having lost more than 15 per cent at one point and wiping more than $50 billion off its value, according to Bloomberg -- while Netease shed 24.6 per cent.

The Shanghai Composite Index slipped 0.13 per cent, or 3.94 points, to 2,914.78, and the Shenzhen Composite Index on China's second exchange lost 0.88 per cent, or 15.86 points, to 1,785.64.

Tokyo stocks close slightly higher

Meanwhile, Tokyo stocks trimmed early gains and closed only marginally higher on Friday as markets overseas move into the holiday season.

The benchmark Nikkei 225 index edged up 0.09 per cent, or 28.58 points, to end at 33,169.05, while the broader Topix index added 0.45 per cent, or 10.45 points, to 2,336.43.

"The Nikkei index rose following rallies in three major US indexes. But the yen continued to appreciate against the dollar, weighing on export-related stocks," IwaiCosmo Securities said.

The dollar fetched 142.34 yen against 142.14 yen on Thursday in New York.

Among major shares, Nippon Steel jumped 1.14 per cent to 3,197 yen after the White House said a planned deal that would see US Steel Corp bought by the Japanese steelmaker should be closely investigated by American authorities.

The Japanese steel giant announced the $14.1 billion deal on Tuesday that will create the world's number two steelmaker.

Toyota lost 0.85 per cent to 2,516 yen after media reports that its subsidiary Daihatsu will compensate 420 suppliers for lost revenues after it was forced to suspend all shipments of vehicles over safety tests rigging.

Rival Suzuki soared 3.46 per cent to 6,100 yen and Nissan advanced 0.57 per cent to 565.3 yen.