Hong Kong Leads Losses in Asia

Hong Kong markets led losses in Asia on Tuesday, as Asian stocks largely fell ahead of earnings from Big Tech firms.

In Japan, the Nikkei 225 pushed ahead 26.55 points, or 0.1%, to 28,620.07.

In Hong Kong, the Hang Seng index tumbled 342.06 points, or 1.7%, to 19,617.88. The Hang Seng Tech index saw a larger loss, tumbling 4% as technology stocks led losses on the HSI.

South Korea’s Kospi slid, after the country’s central bank announced that its GDP grew 0.8% year-on-year in the first quarter.

South Korean automaker Hyundai Motor reported a 92% year-on-year increase in net profit for the first quarter of this year, partly powered by higher sales of SUVs.

Net profit came in at 3.42 trillion won ($2.56 billion U.S.), compared to the 1.78 trillion won recorded in the same period the year before.

Revenue climbed 24.7% year-on-year, increasing from 30.3 trillion won to 37.78 trillion won.

Shares of Hyundai Motor closed 4.74% up on Tuesday.

In other markets,

In Shanghai, the CSI 300 subtracted 19.97 points, or 0.5%, to 3,962.67.

In Korea, the Kospi gave back 34.48 points, or 1.4%, to 2,489.02.

In Taiwan, the Taiex Index staggered 256.14 points, or 1.6%, to 15,370.73.

In Singapore, the Straits Times Index returned from a long weekend with a loss of 27.99 points, or 0.8%, to 3,296.56.

Markets in Australia and New Zealand were shuttered for ANZAC Day