HSI Edges Higher Amid Tech Sell-off

Hong Kong shares saw their gains limited on Tuesday by investors dumping tech plays.

The Hang Seng Index started the day higher but reversed course and dipped into negative territory at one point, before finishing 33 points or 0.1 percent higher at 26,415.

Turnover was more than HK$143.5 billion.

The so-called ATMX stocks were among the losers. Xiaomi sank 4.4 percent to become the worst blue-chip performer. Tencent slid 2.2 percent; Alibaba lost 1.5 percent; and Meituan declined more than 4.8 percent.

JD plunged 7 percent after its earnings report raised concerns about growth in e-commerce.

On the plus side, CK Hutchison continued its upward trend and gained almost 5.2 percent to become the blue-chip winner of the day after Credit Suisse and Bank of America raised their price targets for the conglomerate.

Petrochina jumped 4.1 percent and CNOOC rallied 2 percent, boosted by higher oil prices.

Markets across the border fell as recent bond defaults hit sentiment. The Shanghai Composite index and the blue-chip CSI300 index each dropped 0.2 percent, while the Shenzhen Composite index retreated 0.9 percent.

Across the region, the Nikkei in Tokyo put on 0.4 percent; Australia’s ASX 200 rose 0.2 percent; Taiwan closed up 0.3 percent after touching a new high; but the Kospi in Seoul erased earlier gains and slipped 0.2 percent.