Philadelphia Semiconductor Index fell 5.7% as AMD (AMD.O) slid 10%, Arm (ARM.O) dropped 9.5%, Marvell (MRVL.O) fell 5%, Qualcomm (QCOM.O) declined 6.3% and NVIDIA (NVDA.O) lost 3.3%; the sector's combined market capitalization fell below $5 trillion.

財政部、稅務總局發佈企業兼併重組主要稅收優惠政策指引。

Hong Kong stocks closed higher. The Hang Seng Index rose 1.46% after opening 52 points up at 23,011, dipping to an intraday low of 22,947 before rallying to a high of 23,400 and briefly surpassing the morning high of 23,367; the market climbed above its 10-day moving average in the afternoon. The Hang Seng TECH Index gained 0.29%. Turnover was HKD214.31 billion. Mainland education, ports & transport, dairy and internet healthcare led sector gains; home appliances, catering and alcoholic beverages also advanced. BCI, heavy machinery and PCB concepts continued to retreat; consumer electronics, semiconductors and recent AI small-caps underperformed. Notable movers: Mengniu Dairy (02319.HK) rose about 9.5%, Sinopec (00386.HK) gained over 6%; Evergrande Property (06666.HK) fell more than 17% on resumption of trading, Lenovo Group (00992.HK) dropped over 7%, Huahong Hongli (01347.HK) fell over 6%.