Hong Kong stocks tumbled and the benchmark index headed for the worst January since 2016 amid renewed concerns about corporate earnings and China’s economic recovery outlook. EV maker BYD slumped after profits trailed market consensus.
The Hang Seng Index fell 2.3 per cent to 15,703.45 on Tuesday. The Tech Index slipped 3.3 per cent and the Shanghai Composite Index retreated 1.8 per cent. The Hang Seng Index has lost 7.9 per cent so far this month, set for the worst start to a year since a 10 per cent slide in the first month of 2016.
Alibaba Group dropped 2 per cent to HK$71.15, and Tencent slid 2.9 per cent to HK$273.80 while Baidu fell 1.6 per cent to HK$103.40. Wuxi Biologics slipped for a third day, losing 3.5 per cent to HK$22.35. BYD sank 4.4 per cent to HK$177.90 after 2023 earnings missed estimates. Its peer Li Auto declined 1.6 per cent to HK$107.60.
“The key hurdle for the market is investors’ pessimism about the…
