HSI Slips Into Red, Asian Tech Firms Fall

Hong Kong shares fell on Tuesday morning with tech firms hit by weak earnings from sector heavyweights Samsung and Alphabet, while traders were also disappointed by below-par Chinese factory data.

The Hang Seng Index eased 0.5 percent, to 29,748 by the break.

On the mainland, the Shanghai Composite Index reversed course after an early slide, to rise 0.4 percent, to 3,075 while the Shenzhen Composite Index soared 0.8 percent, to 1,639.

Japan's markets are closed for a week for the abdication of the emperor.

Seoul was down 1 percent, Sydney off 0.6 percent, Singapore lost 0.5 percent and Taipei was 0.1 percent off. However, Wellington and Manila also gained slightly.

Technology firms took a hit in Asia on Tuesday as two of the biggest names in the sector posted disappointing earnings, helping to drag most markets in the region into negative territory.

Google parent Alphabet reported overnight a 29-percent drop in quarterly earnings on slower-than-expected revenue growth.

That was followed on Tuesday morning by smartphone and chip titan Samsung Electronics saying that operating profit dived a worst-than-expected 60.2 percent in January-March as sales also tumbled.

The firm's shares sank 1 percent, while in Hong Kong heavyweight Tencent shed a little more than that and ZTE collapsed 3 percent. Taipei-listed Foxconn and LG Display in Seoul also tumbled. (AFP)

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