SINGAPORE — Hong Kong markets continued selling off on Tuesday, extending losses from Monday. The broader Asia-Pacific markets, meanwhile, were mixed.
The broader Hang Seng index in Hong Kong briefly fell more than 5% in Tuesday afternoon trade before paring some of those gains, eventually closing 4.22% lower at 25,086.43.
The index has fallen more than 8% in just two days as regulatory fears surrounding China’s technology and private education sector weighed on investor sentiment. On Monday, it fell more than 4%.
Hong Kong-listed shares of Chinese tech giant Tencent fell 8.98% while Alibaba dropped 6.35% and Meituan declined 17.66%. The Hang Seng Tech index slipped 7.97% on the day to 6,249.65.
China’s antitrust regulator announced Monday a set of guidelines for food delivery platforms that included paying delivery personnel at least the local minimum wage — a move that could hurt the profits of firms such as Meituan and Alibaba’s Ele.me.
Mainland Chinese stocks also saw sizable losses on the day, with the Shanghai composite down 2.49% to 3,381.18 while the Shenzhen component dropped 3.672% to about 14,093.64. Industrial firms’ profits in China jumped 20% year-on-year in June, official data showed Tuesday. Still, that was a decline from the 36.4% year-on-year increase seen in May.
3,381.18 while the Shenzhen component dropped 3.672% to about 14,093.64. Industrial firms’ profits in China jumped 20% year-on-year in June, official data showed Tuesday. Still, that was a decline from the 36.4% year-on-year increase seen in May.
Stock picks and investing trends from CNBC Pro:
Fundstrat’s Tom Lee says it’s not too late to buy market near record highs, but avoid these sectors
Credit Suisse picks the Apple suppliers set to pop as the iPhone evolves
Bank of America picks the UK’s ‘high quality’ bargain stocks to buy now
Elsewhere, the Nikkei 225 in Japan gained 0.49% to close at 27,970.22 while the Topix index advanced 0.64% on the day to 1,938.04. South Korea’s Kospi rose 0.24% on the day to 3,232.53.
In Australia, the S&P/ASX 200 climbed 0.5% to close at 7,431.40.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.98%.
TICKER COMPANY NAME PRICE CHANGE %CHANGE
.N225 Nikkei 225 Index NIKKEI 27970.22 136.93 0.49
.HSI Hang Seng Index HSI 25086.43 -1105.89 -4.22
.AXJO S&P/ASX 200 ASX 200 7431.40 37.10 0.50
.SSEC Shanghai SHANGHAI 3381.18 -86.26 -2.49
.KS11 KOSPI Index KOSPI 3232.53 7.58 0.24
.FTFCNBCA CNBC 100 ASIA IDX CNBC 100 10094.61 -172.46 -1.68
Overnight on Wall Street, the S&P 500 gained 0.24% to 4,422.30 while the Dow Jones Industrial Average edged 82.76 points higher to 35,144.31. The Nasdaq Composite was fractionally higher at 14,840.71. The gains left all three major indexes stateside closing at new record highs.
