Mainland Chinese markets rallied Tuesday but were well off their morning highs, while Hong Kong suffered its worst day in 16 years on disappointment at a lack of detail on Beijing's raft of economic stimulus announced last month.
The Hang Seng Index plunged 2,172 points or 9.4 percent to close at 20,926 points, with total main board turnover reaching HK$620.43 billion, setting a new record.
The China Enterprises Index fell by 847 points or 10.16 percent to 7,483 points, while the Tech Index dropped 690 points or 12.82 percent to 4,695 points.
Major tech stocks dragged down the market, with Tencent (0700) falling 8.32 percent, Alibaba (9988) declining 8.9 percent, Meituan (3690) dropping 15.48 percent, JD.com (9618) decreasing 11.94 percent, Xiaomi (1810) losing 8.32 percent, and Kuaishou Technology (1024) plummeting 13.96 percent.
Recently popular brokerage stocks experienced a retreat. CITIC Securities (6030) fell 23.54 percent, China International Capital (3908) plunged 33.99 percent, and Guotai Junan International (1788) declined 31.37 percent.
Longfor (0960) declined 22.61 percent, making it the worst-performing blue-chip stock, China Resources Land (1109) fell 13.36 percent, and China Overseas Land & Investment (0688) dropped 15.81 percent.
Shares initially soared 10 percent in Shanghai on Tuesday after returning from a week-long holiday, but slid back a bit as details of economic stimulus plans from officials in Beijing fell short of what investors were hoping for.
The Shanghai Composite index closed 4.6 percent higher, at 3,489.78.
(Staff reporter and AFP)
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