Chinese tech stocks dip amid rate hike woes
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Stocks in Hong Kong fell amid growing worries about China's weak housing market and high U.S. interest rates.
Several Chinese tech stocks also ended the day in red on the Hong Kong Stock exchange â Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU), JD.com (NASDAQ:JD), Bilibili (NASDAQ:BILI) were all down ~3%, while Weibo (WB) fell ~4% and Tencent (OTCPK:TCEHY) (OTCPK:TCTZF) lost ~2%.
Real estate stocks were among the biggest decliners in Hong Kong. The Hang Seng Index declined ~2.7% â its biggest drop since June, CNN reported.
The market benchmark is one of the world's worst performers this year, having declined ~13% year-to-date.
The Chinese and South Korean markets remained closed for public holidays.
The KraneShares CSI China Internet ETF (KWEB) and the Invesco Golden Dragon China ETF (PGJ) have dipped ~2% on Tuesday.
In spite of a recent improvement in data, investors are concerned about China's economic slowdown, a property market slump, and an unease between the Asian nation and the U.S. which has caught tech companies in the crosshairs.
Market sentiment was also impacted after the US Treasury yields hit a 16-year high, with concerns growing among investors that the Federal Reserve may hold interest rates at a high level for longer.
On Monday, JPMorgan Chase CEO Jamie Dimon noted that the Federal Reserve could keep increasing rates and it could go to 7%, according to a report from Bloomberg News.

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