Hang Seng crashes over 2% as tech selloff hits Asia markets. Why Hong Kong stocks are falling on Friday?

Hong Kong's Hang Seng index fell over 2 percent on Friday as investors cut exposure to technology and growth stocks amid concerns over sticky inflation and delayed central bank rate cuts. The Hang Seng Tech Index slumped 4 percent to 4,638 points, while mainland Chinese markets also declined sharply, with the Shanghai Composite down 1.6 percent and the Shenzhen Component dropping 3.7 percent. The selloff reflects growing caution over global tech valuations, which are highly sensitive to interest rate expectations and bond yield movements.