Updates closing prices

By Jiaxing Li

HONG KONG, March 21 (Reuters) - Hong Kong and China stocks declined on Friday and registered weekly losses, as tech shares tumbled on mounting profit-taking pressure.

The Hang Seng Tech Index .HSTECH slid 3.4% on Friday, and Hong Kong's benchmark Hang Seng Index .HSI lost 2.1%. Both indexes registered back-to-back weekly losses for the first time since January.

In Hong Kong, chipmaker Semiconductor Manufacturing International Corporation 0981.HK slid 7.5% to a one-month low, while market heavyweight Alibaba 998.HK lost 3.5%.

China's blue-chip CSI300 index .CSI300 dipped 1.5%, ending the week with a 2.3% loss in its largest retreat since January. The Shanghai Composite Index .SSEC lost 1.3%.

The tech sector also paced declines onshore. Mainland's tech-focused Star 50 Index .STAR50 dropped 2.1% and AI-related shares .CSI930713 slipped 3%.

"It's normal to see some pullbacks at these levels after such a strong rally this year - this doesn't even qualify as a correction," said Dickie Wong, Kingston Securities executive director.

The optimism around China's "two sessions", DeepSeek and President Xi Jinping's meeting with tech leaders has already been priced in with major indexes at current levels, prompting investors to take profit, he added.

The Hang Seng Tech index has lost 4.1% this week in a second week of decline - the longest losing streak since the opening weeks of the year.

However, the gauge is still up 26% year-to-date.

China's parliamentarians and political advisers gather in Beijing every March for two parallel sets of meetings called 'Two Sessions'.

(Reporting by Jiaxing Li in Hong Kong; Editing by Sumana Nandy and Mrigank Dhaniwala)

((jiaxing.li@thomsonreuters.com +852 63358304))