HSI Ends In Red As HSBC Gains Fail To Impress

Hong Kong stocks ended on Tuesday with losses, following a subdued day of trading after the Lunar New Year holiday.

The Hang Seng Index shed 0.8 percent, to close at 30,873.

Shares of banking giant HSBC ended down 3.1 percent despite announcing it has more than doubled pre-tax profit to US$17.2 billion in 2017 after a drive to slash costs.

But analysts said that although the bank had bounced back after restructuring and a string of financial scandals, it missed some profit forecasts. Shares in HSBC closed down at HK$80.95.

Mainland markets remained closed for the Lunar New Year celebrations.

Tokyo fell just over 1 percent, snapping a three-day winning streak as investors locked in profits after the recent gains. Elsewhere in Asia, Seoul shed 1.1 percent, while Jakarta lost 0.8 percent and Singapore 0.4 percent.

In currency markets, the euro-dollar was trading in a narrow range while the yen slipped against the greenback and the euro in Asian trade, but still remained at a high level. (AFP)