Hong Kong stocks dropped on Tuesday, retreating from the benchmark gauge’s biggest gain in more than two weeks a day earlier as blistering gains in the mainland’s markets took a pause.
The Hang Seng Index fell 0.5 per cent to 25,496.55 at the close, surrendering part of the 2.2 per cent gain from the previous trading day. The Hang Seng Tech Index slid 1.2 per cent.
A solid run among the mainland’s yuan-denominated stocks hit a snag as the CSI 300 Index slipped 0.7 per cent and the Shanghai Composite Index retreated 0.5 per cent. Leveraged stock traders had boosted their bets to an all-time high of 2.28 trillion yuan (US$319.2 billion) on Monday, adding fuel to a liquidity-driven rally that centred on technology companies.
Chipmaker Semiconductor Manufacturing International slumped 4.6 per cent to HK$60.70 and China Unicom slid 4.4 per cent to HK$9.37. Machine-tool maker Techtronic Industries lost 3.4 per cent to HK$96.35. Alibaba…
