Hong Kong stocks tumbled on Tue, A-shares closed lower

 

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The Hang Seng Index fell 2.1% to drop below 20,000 mark again and close at 19,867, the Hang Seng China Enterprises Index down 2.4% and the Hang Seng Tech Index slumping nearly 3%.

Technology heavyweights mostly delined, with Baidu sliding 4.5%, Tencent and Kuaishou down more than 3%, Meituan, NetEase and JD.com down more than 2%. 

State-owned companies first rallied in the morning session but saw a sell-off in the afternoon session. Semiconductor companies led the loss throughout the day, with SMIC slumping more than 7%. Casino operators, mobile game companies, defence stocks, and TV/movie companies were mostly lower.

Coal miners and gas companies outperformed. Cement producers rebounded.

The Shanghai Composite Index fell 1.1% to close at 3,357, the Shenzhen Component Index down 0.9%, and the tech-heavy Chinext Price Index down 1.2%.

State-owned enterprises’ shares staged a strong rally in the morning session, but slid in the afternoon, with banks, insurance companies and oil companies leading the retreat. 

Semiconductor companies led the losses, with China’s top chipmaker SMIC slumping 11%. Battery makers, solar panel producers, publishing companies, game companies and education companies were mostly lower.

AI companies rebounded. Coal companies, liquor makers, property developers and consumer electronics companies outperformed.