Hong Kong stocks closed sharply lower Friday as a global sell-off in technology shares gathered pace.

The Hang Seng Index fell 1.8%, or 446.36 points, to close at 24,562.24, while the Hang Seng China Enterprises Index lost 2.2%, or 181.41 points, to finish at 8,136.73.

Technology stocks led the decline as investors unwound positions in AI-related names, with a broad semiconductor sell-off sweeping across Asian markets despite strong earnings from industry leaders earlier this week.

Meanwhile, oil prices remained elevated after Iran launched fresh attacks on U.S. facilities in the Gulf following another round of U.S. strikes on Iranian military sites.

Investors also kept an eye on renewed trade tensions after the United States imposed a 25% tariff on some imports from Brazil.

In corporate news, Jiangxi Copper (HKG:0358, SHA:600362) closed over 5% lower after its board approved the proposed spin-off and Hong Kong listing of its controlled subsidiary, Jiangxi JCC Copper Foil Technology.