Hong Kong stocks slip before Alibaba, Chinese tech peers release earnings while oil, casino firms add to gloom

November 17, 2021 Earnings & Filings

Alibaba and Baidu are seen reporting a 17 per cent and 82 per cent slide in quarterly earnings, based on consensus estimates
Oil stocks weaken oil supply concerns while concession worries dominate Macau casino operators

Hong Kong stocks fell as oil companies and casino operators tumbled. Alibaba Group Holding led tech peers lower before earnings reports that may show the effects of regulatory crackdown on Chinese tech giants.

The Hang Seng Index retreated 0.5 per cent to 25,595.19 at the local noon trading break. The gauge had rallied 3.8 per cent in the preceding six days in its longest run since mid-February on policy easing bets and optimism surrounding US-China ties.

The Hang Seng Tech Index declined 0.7 per cent, dragged down by NetEase‘s 3.7 per cent slump and Meituan’s 1.6 per cent loss. China’s Shanghai Composite Index added 0.2 per cent. Alibaba fell 0.6 per cent and Sunny Optical lost 3.3 per cent.