Sun, 26 Sep 2021

SYDNEY, NSW, Australia - The Hong Kong stock market continued to unravel on Tuesday, notching up a third day of consecutive losses, while in mainland China stocks too continued to be sold off.

The benchmark Hang Seng index in Hong Kong which has fallen more than 2,000 points in two days is now down around 43 percent since February. The key index has shed more than fifteen percent in the past 3 trading sessions.

On Tuesday it tumbled another 1,153.64 points or 4.40 percent to 25,038.68.

In China, the technology sector again was hardest hit as the Chinese government cracks down in a burst of regulatory reform. The Shanghai Composite lost 86.26 points or 2.49 percent to 3,381.18.

"The market seems to be uncertain whether there will be more policy changes for fintech, social media platforms, delivery platforms, and ride-hailing platforms," Iris Pang, chief economist for Greater China at ING told Reuters Thomson Tuesday.

"Each has their own issue and faces different regulatory actions, so the market is looking for 'which technology subsector will be next?'"

In Australia, it was another record-breaking day, with a major index mirroring Wall Street. The benchmark S&P/ASX200 rose 37.1 points 0.50 percent to reach a new all-time closing high of 7431.4 points.

The Australian All Ordinaries climbed 33.50 points or 0.44 percent to 7,704.00.

In Tokyo, the Nikkei 225 jumped 136.93 points or 0.49 percent to 27,970.22.

The U.S. dollar was slightly stronger Tuesday. The euro fell to 1.1775 by the Sydney close. The British pound slipped to 1.3785. The Swiss franc eased to 0.9179. The Japanese yen was little changed at 110.16.

The Canadian dollar inched lower to 1.2579. The Australian dollar dipped to 0.7349. The New Zealand dollar was a touch softer at 0.6959.

Overnight on Wall Street, the Dow Jones powered ahead by 82.76 points or 0.24 percent to an all-time high of 35,144.31.

The Standard and Poor's 500 added 10.51 points or 0.24 percent to a record close of 4,422.30.

The Nasdaq composite edged up 3.72 points or 0.03 percent to close at 14,840.71, another record high.

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