Hong Kong stocks fell on Tuesday to a three-week low, dragged down by technology firms and carmakers, as investors ignored strong overnight gains on Wall Street and resorted to profit-taking in the absence of strong catalysts.
The Hang Seng Index slumped 2.4 per cent to 23,344.25, the lowest since March 4. The Hang Seng Tech Index shed 3.8 per cent, with all component stocks ending in the red. On the mainland, both the CSI 300 Index and the Shanghai Composite Index slipped 0.1 per cent.
In the US, Donald Trump’s statement that his administration would give “a lot countries” breaks on tariffs had sparked a rally overnight.
“Today’s fall means that the fanfare surrounding Chinese technology stocks has come to an end,” said Zhou Ling, a hedge fund manager with Shanghai Shiva Investment. “After all, the tech companies have already brought investors substantial returns amid the recent rally.”
On the mainland, investors were…
