NewsUpdate

The Hang Seng index in Hong Kong has dropped more than 8% in two days as China’s tech companies continue to plummet

On Tuesday, Hong Kong stocks continued to fall, extending Monday’s falls. Meanwhile, the larger Asia-Pacific markets were split. The wider Hang Seng index in Hong Kong plummeted more than 5% in the afternoon session on Tuesday before reversing some of those losses and finishing 4.22 percent down at 25,086.43.

Regulatory concerns over China’s technology and private education sectors have weighed on investor mood, and the index has dropped more than 8% in only two d The Hang Seng Technology index fell 7.97 percent to 6,249.65 on the day.

Following Tencent’s Hong Kong-listed shares sank 8.98 percent, while Meituan’s shares fell 17.66 percent and Alibaba’s shares slid 6.35 percent.

China’s antitrust authority issued recommendations for food delivery platforms on Monday, including paying delivery staff at least the local minimum wage, a move that may damage companies like Meituan and Alibaba’s Ele. me.

With the Shanghai Composite falling 2.49 percent to 3,381.18 and the Shenzhen component falling 3.672 percent to 14,093.64, Mainland Chinese equities also suffered significant losses on the day.

Official figures released Tuesday indicated that industrial earnings in China increased by 20% year over year in June. Nonetheless, this was a decrease from the 36.4 percent rise observed in May.

Sanskriti

Sanskriti loves technology in general and ensures to keep TheDigitalHacker audience aware of the latest trends, updates, and data breaches.
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