China shares edge higher on semiconductor boost; HK dragged down by tech

Hong Kong stocks declined, led by tech shares after e-commerce giant Alibaba posted weaker-than-expected earnings. ** In Hong Kong, tech giants led the declines, shedding 1.8% after Alibaba Group Holding Ltd posted a 2% rise in quarterly revenue that missed expectations.

China stocks nudged higher on Friday, helped by semiconductor and consumer-related shares, even as a streak of weak macro data weighed on investor sentiment. Hong Kong stocks declined, led by tech shares after e-commerce giant Alibaba posted weaker-than-expected earnings. ** China's blue-chip CSI300 Index was up 0.2% by the lunch break, while the Shanghai Composite Index gained 0.1%.

** Hong Kong's benchmark Hang Seng Index was down 1.0%, while the China Enterprises Index fell 1.3%. ** Semiconductor shares led the gains in China, rising 2.6%. Shenzhen Longsys Electronics Co Ltd and Tongfu Microelectronics Co Ltd jumped more than 6% each.

** Shenzhen Ronda Photosensitive & Technology Co rose 13.8% as photoresist - a key, light-sensitive material used for manufacturing chips - concept reignited the market. ** Consumer-related sectors rebounded from losses fuelled by disappointing retail sales data released earlier this week. Liquor and food and beverage shares both rose 1.5%.

** Morgan Stanley analysts said investor sentiment continued to weaken amid weaker-than-expected macro data and geopolitical relations in a multipolar world. ** In Hong Kong, tech giants led the declines, shedding 1.8% after Alibaba Group Holding Ltd posted a 2% rise in quarterly revenue that missed expectations. The e-commerce giant also said it would list its cloud computing business next year.

** "The bulk of Hong Kong selling is in China internet names, a follow-through from the American Depositary Receipt (ADR) weakness," UBS analysts wrote in a note. ** Alibaba Group fell 5.1%, after its ADR shares lost 5.4% overnight. Meituan and Tencent Holdings Ltd were down 3.5% and 1.0%, respectively.

 

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)