Hong Kong shares close shy, Kuaishou drops 12 percent while Tencent rallies

Hong Kong shares closed shy on Tuesday, Kuaishou (1024) fell by 12 percent after opening low.

The benchmark Hang Seng Index slid 0.51 percent, or 119 points, to 23,496 points. It once rose by 0.85 percent to a high of 23,818 points.

The market turnover was HK$319 billion.

Tech gauge also slid 0.75 percent to 4,507 points.

Kuaishou dropped 12 percent at the close, making it the worst-performing blue chip. Tencent (0700) rallied by rising 2.04 percent.

Pharmaceutical stocks edged lower. Sino Biopharmaceutical (1177), CSPC Pharmaceutical (1093), and Hansoh Pharmaceutical (3692) fell 4.55 percent, 4.37 percent, and 4.18 percent, respectively. Innovent Biologics (1801), WuXi AppTec (2359), and WuXi Biologics (2269) all fell by around 3 percent.

BYD Electronics (0285) fell 4.87 percent, MTR Corporation (0066) dropped 3.58 percent, and Chow Tai Fook (1929) was down 3.23 percent

Tech heavyweight Meituan (3690) gained the most among the blue chips, rising 4.54 percent. Lenovo (0992) rose 2.05 percent.

HSBC (0005) and BOC Hong Kong (2388) gained less than 1 percent. Oil majors CNOOC (0883) and PetroChina (0857) also rose less than 1 percent.

In the mainland, the Shanghai Stock Exchange Composite Index fell 1.26 percent, or 51 points, to 3,990 points. The Shenzhen Stock Exchange Composite Index dropped 1.24 percent to 15,225 points.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓