China tech shares fall on Friday boosted
Hang Seng
Index hits new low. They appear to be tracking US investors who have fled the sector after a string of disappointing earnings reports.
Alibaba
(ticker: BABA) shares in Hong Kong fell 5%, while
JD.com
(JD) decreased by about 7% and
Baidu
Tencent
(TCEHY) decreased by about 6%. The Hang Seng Technology Index closed down 5.6%, contributing to a 3.7% drop in the Hang Seng Index, hitting its lowest level since April 2009.
