FX.co ★ Hang Seng Tumbles to Finish at Near 2-Week Low

On Tuesday, the Hang Seng Index experienced a significant decline, dropping 561 points or 2.4% to settle at 23,344, reaching its lowest level in nearly two weeks. This downturn reversed gains made the previous day, as a broad array of stocks suffered losses. Investors opted to take profits ahead of the quarter's end, with many feeling that earnings results and Beijing's stimulus measures were already factored into current valuations. The technology sector was notably hard-hit, plunging 3.8%. Xiaomi faced a substantial setback, falling 6.1%, following its announcement to generate up to $5.27 billion via a share sale. Alibaba's shares fell nearly 4% amid warnings of increasing data center expenses, while Sunny Optical faced a steep 9.9% decline due to worries about an oversupply situation. Consumer and financial stocks also declined, diverging from a general upward trend across Asia, spurred by U.S. President Trump's indications of a potential reduction in proposed tariffs. Meanwhile, futures in the United States trended lower due to concerns over inflation and slowing economic growth. The electric vehicle sector witnessed sharp losses, with BYD Electronic dropping 9.4%, Geely Auto declining 5.4%, and Li Auto decreasing by 5.0%. Other significant decliners included Laopu Old, which fell by 9.2%, Pop Mart International with a 6.1% decrease, and China State Construction, which slid by 3.7%.