People walk past an electronic display showing the Hang Seng Index in Central, Hong Kong, on Feb 26, 2021. (ISAAC LAWRENCE / AFP)
HONG KONG – Hong Kong's stock market remained bearish on Tuesday as declines of tech firms spread to more sectors, with the benchmark Hang Seng Index (HSI) falling below the 26,000-point mark.
The HSI opened mildly lower for the morning session but nosedived in the
afternoon, ending the day at 25,086.43 points, down 4.22 percent or
1,105.89 points from the previous closing
The HSI opened mildly lower for the morning session but nosedived in the afternoon, ending the day at 25,086.43 points, down 4.22 percent or 1,105.89 points from the previous closing. The index at one moment plummeted 5.5 percent, the largest decline since May 2020.
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The Hang Seng tech index also kept its downward spiral, down 7.97 percent to 6,249.65 points.
Turnover of the main board totaled 360.67 billion Hong Kong dollars (US$46.38 billion), up significantly from 268.24 billion Hong Kong dollars a day ago.
A wide range of sectors from technology to education and catering suffered. Internet conglomerate Tencent slumped 8.98 percent, and online life services platform Meituan stumbled 17.66 percent. E-commerce giant Alibaba dropped 6.35 percent.
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Hot pot restaurant chain Haidilao lost 10.52 percent, and property developer Evergrande fell 13.41 percent.