Asia Drops on Heavy Losses in Alibaba

Hong Kong shares fell Friday, extending losses from the previous session as some of China’s biggest tech names remained under pressure.

In Japan, the Nikkei 225 recovered 147.21 points, or 0.5%, to 29,745.87

Investors are on the lookout for an expected announcement of a record $488-billion stimulus package in Japan later on Friday.

The Japanese yen weakened slightly, trading at 114.33 per U.S. dollar.

In Hong Kong, the Hang Seng fell 269.75 points, or 1.1%, to 25,049.97

Alibaba shares listed in Hong Kong dropped more than 10% after the technology behemoth missed revenue and earnings expectations for the September quarter, as slowing economic growth in China weighed on results.

The company reported revenue of 200.69 billion yuan ($31.4 billion), less than the 204.93 billion yuan estimated but still a 29% year-on-year rise. The company reported earnings per share of 11.20 yuan, less than an estimate of 12.36 yuan and a 38% year-on-year decline.

Alibaba’s U.S.-listed shares fell 11.1% on Thursday.

Shares of Meituan were down 1.6%, Baidu declined 3.3% and Tencent lost 0.2%. Alibaba-rival JD bucked the downward trend and gained 9.1%.

In Australia, shares of Crown Resorts soared more than 16.6% after a $6.2-billion buyout offer from investment firm Blackstone.

The Australian dollar was at $0.7281, easing from an earlier level around $0.7291.

In other markets

In China, the CSI 300 regained 52.44 points, or 1.1%, to 4,890.06

In Taiwan, the Taiex dished off 23.06 points, or 0.1%, to 17,818.31

In Singapore, the Straits Times Index dropped 4.68 points, or 0.1%, to 3,232.34

In Korea, the Kospi index reclaimed 23.64 points, or 0.8%, to 2,971.02

In New Zealand, the NZX 50 lost 60.21 points, or 0.5%, to 12,740.12

In Australia, the ASX 200 gained 17.34 points, or 0.2%, at 7,396.55