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

Asia's Tech News Daily

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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 programme in more cities for five years, extending a trial beyond Shanghai and Chongqing.

Caution prevailed before a raft of earnings reports from some of the biggest Hang Seng Index members. A dozen index companies are expected to post quarterly earnings in the following week, with pork processor WH Group’s result due on Tuesday.

Alibaba Health Information tumbled 9 per cent to HK$11.20, after issuing a profit warning, projecting as much as 320 million yuan (US$50.1 million) net loss in the first half to September 30.

BYD, the Chinese electric-vehicle maker, surged 5.2 per cent after getting the approval from the Hong Kong exchange to spin off its semiconductor unit in Shenzhen.

Major markets in Asia all reported early gains, led by a 2 per cent jump in Japan’s stock benchmark. The S&P 500 index rose to a record in overnight trading as Democrats moved closer to an agreement on President Biden’s multi-trillion dollar economic spending agenda, including a US$550 billion infrastructure bill.

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