Mar 21, 2025, 11:37 GMT+7
(Reuters) - China and Hong Kong stocks declined on Friday and were headed for a weekly loss, as tech shares tumbled on mounting profit-taking pressure.
** At the midday break, the Shanghai Composite indexwas down 0.9% and China's blue-chip CSI300 indexweakened 1.11%. Both indexes were headed for their biggest weekly declines since February.
** Hong Kong's benchmark Hang Seng Indexwas down 2%, pulling back further from three-year high.
** The tech sector led declines in both onshore and offshore markets. Hong Kong's Hang Seng Tech indextumbled 2.9%, while mainland's tech-focused Star 50 Indexdropped 2% and AI-related sharesslipped 2.7%.
** Chipmaker Semiconductor Manufacturing International Corporationslid 6.7% to a one-month low, while Alibaba (998.HK) lost 3.3%.
** Major indexes are showing increased downside momentum on declining volume, indicating further weakness, analysts at Caida Securities said on Friday.
** "The market may need to work through this corrective phase before resuming its broader upward trajectory."
** The Hang Seng Tech index has lost 3.7% so far this week in a second week of decline - the longest losing streak since the opening weeks of the year.
** However, the gauge is still up 27% year-to-date.

Sumber : Reuters