Hong Kong stocks hit six-week low as Alibaba, Meituan lead tech slump on earnings concerns


Source: scmp.com scmp.com

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Hong Kong stocks dropped for a fifth day to the lowest level in six weeks amid lingering concerns about poor earnings from Chinese technology juggernauts. The Hang Seng Index slumped 1.1 per cent to 24,674.40 in early Tuesday trading, heading for the lowest close since October 6. The Hang Seng Tech Index slid 1.6 per cent, while the Shanghai Composite Index gained 0.2 per cent. Techtronic Industries and sportswear maker Li Ning were the worst performers on the Hang Seng Index, falling by at least 3.7 per cent. Kuaishou, the biggest constituent on the Hang Seng Tech Index, dropped 2.6...