Tech firms drag Hong Kong shares; property developers gain

Hong Kong shares closed lower on Tuesday for a fifth straight session, weighed down by lingering worries over weak earnings from Hong Kong-listed Chinese tech firms.

Hong Kong shares closed lower on Tuesday for a fifth straight session, weighed down by lingering worries over weak earnings from Hong Kong-listed Chinese tech firms. The Hang Seng index fell 1.2%, to 24,651.58, while the China Enterprises Index lost 1.1%, to 8,827.67 points.

** The Hang Seng Tech Index lost 1.4%, with Alibaba shedding 3% to trade near its record low after it slashed its forecast for annual revenue growth on increased competition and a regulatory crackdown. ** Food delivery giant Meituan extended losses and slumped 3.1% ahead of its third-quarter earnings to be released on Friday.

** Analysts said whether there are signs showing the regulatory tightening is ending are decisive, otherwise any positive movement in the sector is not sustainable. ** The healthcare sub-index dropped 2.4%, with Wuxi Biologics down 4.2%, dragging the Hang Seng Index down 31 points.

** Mainland property developers listed in Hong Kong gained 1.4%, after Reuters reported that some Chinese banks had been told by financial regulators to issue more loans to property firms for project development. ** The move aims to marginally ease liquidity strains across the industry, but authorities have yet to publicly give any signal that they will relax the "three red lines", and Nomura said it did not yet see a sharp shift in current property curbs.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)