Shado Baker
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Shado Baker in Asian Markets,

Hong Kong stocks fall further after U.S. sell-off

Hong Kong stocks extended losses Friday morning after the major U.S. benchmarks posted the biggest one-day drops in almost two months. The Hang Seng Index HSI, -0.40% fell further by 0.7%, after closing 0.6% lower in the previous day, with the tech stocks taking a hit following a sell-off in their U.S. counterparts. Chinese Internet giant Tencent Holdings0700, -1.36%TCTZF, -1.96% an index heavyweight, declined 1.9%. Other underperformers in the tech sector included software developer Kingsoft Corp. Ltd. 3888, -3.28%KSFTF, -2.07% tumbling 3.5%, online game developer Forgame Holdings Ltd. 0484, -3.29% falling 3.2%, rival Boyaa Interactive International Ltd.0434, -2.66% losing 2.1%, and software firm Kingdee International Software Group Co. Ltd. 0268, -0.80% dropping 1.6%. Among other market movers, telecoms giant China Mobile Ltd. 0941, -1.28% pulled back 1.7%, China's largest oil refiner China Petroleum & Chemical Corporation 0386, -1.83% also known as Sinopec, gave up 1.3%, and Industrial and Commercial Bank of China Ltd.1398, -0.40% the country's largest bank by asset, headed lower by 1%. Over on the Chinese mainland, the Shanghai Composite Index SHCOMP, +0.11% moved down 0.3%.