Tech shares are following the slide of their peers Friday on the Nasdaq. Index heavyweight Tencent Holdings is down another 2.6% after its losses at the end of last week, while software provider Kingsoft is pulling back 4.1%, and smaller rival Kingdee International Software Group is giving up 4.7%. Among online online-game firms, Forgame Holdings is down 4.4%, while NetDragon Websoft is falling 2.5%. Online-transaction-services provider China Binaery Sale Technology is suffering even more, sinking 5.8%.
Property developers are also lower this morning, in both Hong Kong and Shanghai. Hong Kong real-estate shares are significantly weaker, with Shimao Property Holdings down 2.9%, Evergrade Real Estate Group down 2.3%, Guangzhou R&F Properties down 2.3%, Agile Property Holdings down 1.9%, and KWG Property Holding down 1.6%.
Over on the Chinese mainland, the property sector’s top underformers include Beijing Dalong Weiye Real Estate Development (down 3.7%), China Calxon Group (down 3.4%), Wolong Real Estate Group (down 2.8%), and Vanfund Urban Investment & Development (down 2.7%).
China Life Insurace is retreating 1.7% in Hong Kong after reporting a more than 28% slump in its first-quarter profit. Its Shanghai-listed shares are down 2.3%.
On the other side, however, banks are benefiting from some stronger-than-expected quarterly results. Agricultural Bank of China is up 0.6% after its profit rose 13% in the first quarter; China Minsheng Banking Corp. is up 0.5% after a 15% profit improvement; and China Construction Bank is up 0.4% following a 10% rise in its net income.