Asia report: Shares mixed as China tech stocks under pressure
Asia-Pacific shares were mixed on Tuesday trade as Chinese tech stocks in Hong Kong remained under pressure after sharp falls on Monday.
The broader Hang Seng index in Hong Kong fell 4.6% extending losses after a more than 4% plunge on Monday on the back of regulatory fears surrounding China’s technology and private education sector.
Shares of Chinese tech giant Tencent fell 8.57% while Alibaba dropped 7.81% and Meituan declined 16.1%. The Hang Seng Tech index slipped 8.5%.
Mainland Chinese stocks were lower, with the Shanghai composite closing down 2.49%. Industrial firms’ profits in China jumped 20% year-on-year in June, official data showed Tuesday, but still lower than the 36.4% year-on-year increase seen in May.
Elsewhere, the Nikkei 225 in Japan gained 0.49% while the Topix index advanced 0.64%. South Korea’s Kospi traded 0.24% higher. In Australia, the S&P/ASX 200 climbed 0.50%.