China, Hong Kong stocks tumble as global tech selloff deepens

China and Hong Kong shares fell on Friday as a sharp overnight decline in US technology stocks spread across Asian markets, Business Recorder reported. By midday, the CSI300 was down 1.5% and the Shanghai Composite had lost 1.1%; Hong Kong’s Hang Seng slipped 1%, while its Artificial Intelligence Index dropped 4%.

Losses in mainland China eased from earlier levels as bargain buyers responded to Beijing’s market-support measures. The technology-focused Star 50 and AI indexes had each fallen as much as 5% before recovering some ground. The report said concern over whether the US artificial-intelligence boom can last weighed on the region, while South Korea’s KOSPI fell more than 8% at one point and Japan’s Nikkei declined 5%.