Hong Kong stocks retreat from 2-month high as Baidu slumps on AI concerns
Hong Kong
stocks fell from a two-month high on Thursday, snapping two days of gains, with Chinese search engine operator Baidu slumping on concerns over the outlook of its artificial intelligence business.
The Hang Seng Index eased 0.6 per cent to 23,693.91 as of 10.13am local time. The Hang Seng Tech Index declined 0.5 per cent. On the mainland, the CSI 300 Index slipped 0.1 per cent and the Shanghai Composite Index was little changed.
Baidu slid 3 per cent to HK$83.55 after reporting a 20 per cent decline in adjusted first-quarter profit. Bottled-water maker Nongfu Spring lost 3.9 per cent to HK$37.05 and short-video platform Kuaishou Technology retreated 2.4 per cent to HK$49.15. Alibaba Group Holding lost 1.7 per cent to HK$121.
Other major Asia-Pacific markets fell following a disappointing auction of US Treasuries. Japan's Nikkei 225 slipped 0.9 per cent, while South Korea's Kospi retreated 1.2 per cent and Australia's S&P/ASX 200 lost 0.5 per cent.
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