Currently, we have the Hang Seng Index down 0.8%, while the H-share index tracking mainland Chinese firms is down 0.7%. Over in Shanghai, which was open yesterday and finished flat, the benchmark Shanghai Composite Index is down 0.6%.
Tech shares are mostly weaker, with investors apparently cuing off the Nasdaq’s overnight sell-off rather than any positive sentiment surrounding Alibaba’s filing for an IPO.
Shares of Tencent are 3.7% lower, as the market renders an initial verdict on the Internet major’s planned purchase of online mapping firm NavInfo for just under $190 million.
Shares of Lenovo are retreating by 3.8%, as the PC-maker unveils its first mainstream Chromebooks, the N20 and N20p.
On the upside, however, FIH Mobile (the stock formerly known as Foxconn) is up 1.5%.
Over among the retailers, shares of Giordano are tumbling 15% after the fashion purveyor warned of a drop in first-half net profit.
The telecoms are mixed, with China Unicom up 0.2%, while China Mobile drops 0.6%, and China Telecom trades down 0.3%. All but China Telecom are constituents in the Hang Seng Index, and all three are outperforming the benchmark as Bloomberg reports that the trio plans to team up and join the lucrative mobile-games market, jointly publishing as many as 100 titles by the end of next year.
Meanwhile, top Hang Seng Index component HSBC is up 0.9%, helping support the market. The Anglo-Chinese lender said Tuesday its Australian unit had struck a deal to sell Woolworths’s credit-card portfolio to Macquarie (Macquarie shares are 2.2% lower in Sydney.)