Cheung Siu Chung: Chip Competition Benefits Manufacturers, Buy TSMC on Dips

The Hang Seng Index fell 136 points yesterday to close at 22,958 points, with turnover of $189.4 billion. Semiconductor stocks led US shares higher on Wednesday night, but pulled back sharply after hours under the influence of Alphabet and software stocks, with the Philadelphia Semiconductor ETF down more than 2 per cent in pre-market trading. A-shares fell sharply again, with the ChiNext Index down 4.4 per cent, fully erasing Wednesday's gains, while Hong Kong stocks were supported by mainland bank stocks as AI concept stocks fell across the board.