Asian markets trade mixed; Hong Kong index continues free fall

The Hang Seng index in Hong Kong extended its losses for the second consecutive session, currently it fell over 3% on the back of regulatory fears surrounding China’s technology and private education sector.

Jul 27, 2021 12:07 IST India Infoline News Service

Asian markets on Tuesday trading mixed with the Japanese 'Nikkei' trading higher by over 130 points, while the other markets traded flat.

On Monday, the Hang Seng index recorded its biggest fall in over 4-months as the Chinese Government clamped down on education and e-learning companies.

The losses were also seen in Wellington, Bangkok and Taipei, but Tokyo, Shanghai, Sydney, Seoul, Manila and Jakarta was up in today’s trade.

The Hang Seng index in Hong Kong extended its losses for the second consecutive session, currently, it fell over 3% on the back of regulatory fears surrounding China’s technology and private education sector.

In Hong Kong, shares of Chinese tech giant Tencent dipped over 4.9%, Alibaba tanked 4.16% and Meituan dropped 10.61%.

Now all eyes are on the Federal Reserve's key board meeting, which will be closely followed for some forward guidance on policy in light of the economic recovery and concerns about surging prices.

US equities extended gains ahead of corporate earnings report card of heavyweights and Federal Reserve policy meeting outcome. Electric car maker Tesla reported its first-ever quarterly profit above US$1bn exceeding estimates. Further, the company reiterated its 2021 production target despite supply chain issues.

Other heavyweights like Google, Alphabet, Microsoft, Amazon, etc. would be reporting earnings this week.

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