Hong Kong stocks dropped for a sixth day as Beijing’s pledge to support the economy failed to stem a slide in top Chinese tech companies. Three companies started trading for the first time, with two of them suffering steep losses.
The Hang Seng Index fell 0.2 per cent to 16,190.02 on Tuesday to a 13-month low, surrendering a 1.2 per cent rally. The six-day slide is the longest since early September. The Tech Index slipped 0.9 per cent to also trade at the lowest level since November 2022. The Shanghai Composite Index added 0.2 per cent.
Alibaba Group weakened 0.9 per cent to HK$69.75 and e-c0mmerce peer JD.com slipped 3.2 per cent to HK$98, after its US-listed unit Dada Nexus detected “suspicious practices” on revenue and cost overstatement. Tencent lost 1.5 per cent to HK$283.60 and Meituan slumped 4.6 per cent to HK$70.55.
Limiting losses, HSBC jumped 1.3 per cent to HK$63.45, EV maker BYD added 1.4 per cent to HK$207.60,…
