Hong Kong stocks drop as earnings season offers few sparks with Alibaba Health’s profit warning while BYD gains on spin-off plan


Source: scmp.com scmp.com

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Hong Kong stocks declined as investors looked for signals in the current earnings season to gauge the strength of economic recovery from the pandemic. Alibaba Health Information slumped on profit warning while BYD advanced on a spin-off plan. The Hang Seng Index dropped 0.3 per cent to 26,052.84 in early Tuesday trading after changing direction at least five times. The Hang Seng Tech Index retreated for a second day, losing 0.3 per cent. The Shanghai Composite Index slipped 0.1 per cent. Mainland developers including China Resources Land and Longfor Group extended losses following Beijing’s plan to introduce a property tax...