Chinese technology stocks fell on Friday driving the
Hang Seng
Index to new lows. They seemed to be following U.S. investors who have fled from the sector after a string of disappointing earnings reports.
Alibaba
(ticker: BABA) stock was down 5% in Hong Kong, while
JD.com
(JD) fell around 7% and
Baidu
(BIDU) and
Tencent
(TCEHY) were down around 6%. The Hang Seng Tech Index closed down 5.6%, contributing to a fall in the Hang Seng Index of 3.7%, hitting its lowest levels since April 2009.
