Chinese EVs and tech heavyweights drag HSI down 118 points at market close

Hang Seng Index closed down 118 points on Tuesday, dragged down by Chinese electric car manufacturers and tech heavyweights.

The benchmark Hang Seng Index fell 0.48 percent to 24,523 points, bringing the full-day market turnover to HK$184 billion.

Tech gauge declined 1.08 percent to 4,249 points.

Chinese electric vehicle manufacturers suffered the biggest loss, with Geely Auto (0175) plummeting 7 percent as the worst-performing blue chip, followed by Li Auto (2015), which dropped 2.6 percent, and a 2.5 percent fall for BYD Company (1211).

Notably, Nio (9866), XPeng (9868), and Leapmotor (9863) in the Hang Seng TECH index also fell by 5 percent, 4 percent, and 3.87 percent, respectively.

Meanwhile, tech majors Alibaba (9988) and Tencent (0700) edged down 1.39 percent and 1.77 percent, respectively. Xiaomi (1810) and Meituan (3690) also fell 2.55 percent and 2 percent, respectively. Kuaishou (1024) was 1.5 percent lower, and JD.com (9618) fell 1.34 percent.

BYD Electronics (0285) and NetEase (9999) increased 2.28 percent and 1.63 percent, respectively.

Chinese real estate developer Longfor Group (0960) led the blue-chip gain by rising 5.87 percent.

In the mainland, the Shanghai Stock Exchange Composite Index rose slightly by 6.8 points, or 0.18 percent, to 3,830 points, and the Shenzhen Stock Exchange Composite Index gained 0.34 percent to 12,901 points.

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