The Hang Seng tumbled 441 points or 1.9% to close at 23,108 on Tuesday, ending an eight-sessions of gains as all sectors fell. Despite a Sino-U.S. trade truce that exceeded market expectations, traders grew uneasy about what may follow once temporary pause ends.
Profit-taking also weighed on the market after the index hit a 1-1/2-month high in the prior session. A drop in U.S. futures further dented sentiment, ahead of key inflation data later today.
Meanwhile, concerns over deflation risks in China mounted, as consumer prices fell for the third month in April and producer prices saw a steepest fall in six months. Limiting deeper losses were remarks from President Trump, who said he plans to speak directly with Chinese President Xi Jinping in the coming days.
Sunny Optical plunged 7.6% after reporting a 14.1% yoy fall in April handset camera module shipments. Other major decliners included BYD Electronic (-7.0%), Meituan (-5.0%), Xiaomi (-4.2%), SMIC (-4.2%), and Tencent Hlds. (-2.1%).
Source: Trading Economics
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