Hong Kong Stocks Continue Their Dive

Hong Kong markets continued selling off on Tuesday, extending losses from Monday. The broader Asia-Pacific markets, meanwhile, were mixed.

In Japan, the Nikkei 225 gained another 136.93 points, or 0.5%, to 27,970.22.

The Japanese yen traded at 110.12 per U.S. dollar, stronger than levels around 110.5 seen against the greenback yesterday.

The woes continued in Hong Kong, where the Hang Seng tumbled another 1,105.89 points, or 4.2%, to 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 9% while Alibaba dropped 6.4% and Meituan declined 17.7%.

The Australian dollar was at $0.734 following an earlier high of $0.7388.


In Shanghai, the CSI 300 lost 173.93 points, or 3.5%, to 4,751.31.

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.

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.

In other markets

The Kospi index in Korea poked ahead 7.58 points, or 0.2%, to 3,232.53.

In Taiwan, the Taiex index doffed 133.69 points, or 0.8%, to 17,269.87

In Singapore, the Straits Times Index fell 0.16 points to 3,138.81.

In New Zealand, the NZX 50 dropped 82.92 points, or 0.7%, to 12,590.31

In Australia, the ASX 200 picked up 37.1 points, or 0.5%, to 7,431.36