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Chinese technical stocks declined Friday, following similar global figures as markets reacted to interest rates in US, UK and Europe.

Hong Kong’s Hang Seng Index lost about 2.7% on morning trading. The biggest losses were Trip.com, which fell 11.3 percent after a $ 4-month loss rate hikes in losses in the three months to September, with JD health, losing about 7.5 percent.

Billboard and Hong Kong-based subsidiary Alibaba subscriptions fell by 5.3 percent and 3.6 percent, respectively.

Friday’s losses dropped Hang Seng’s technical list by more than 7 percent since markets reopened on Monday. Chinese stocks have also been affected in recent days by concerns of U.S. citizens who have written about finances and transfer of expertise.

They joined the global trade in technology companies that began in the US on Thursday, following a Federal Reserve proposal to speed up the process that would tighten interest rates.

Tech stocks are particularly affected by interest rates because their value comes from the prospect of future growth, which is reduced by the high interest rates.

The sale spread to Asia on Friday, with prices falling on Japanese companies Fujitsu and Sharp as well as a sharp decline in other Chinese technical companies.

Laggards in the US on Thursday joined chip makers Nvidia and Advanced Micro Devices, two of the largest performing US in the year, falling by 6.8 percent and 5.4 percent, respectively. Tesla, Adobe and Qualcomm were also under pressure, down 5 percent, 10.2 percent and 5.9 percent, respectively.