No love for China stocks on Tuesday.
HONG KONG (MarketWatch) — Chinese stocks broke a five-day winning streak on Tuesday, as Hong Kong and Shanghai markets both pulled back amid concerns fueled by a drop in the profit growth at major Chinese industrial companies and a previous sharp fall for China’s yuan.
At the same time, Japanese stocks advanced to one-month high, after Greek election results impacted global markets by less than expected Monday.
Hong Kong’s Hang Seng Index HSI, -0.41% retreated 0.4% to 24,897.28, after touching a four-month high in the previous close.
The declines came after official data showing that profit at major Chinese industrial companies grew 3.3% year-on-year in 2014, down sharply from a 12.2% increase in 2013.
A significant drop in China’s yuan in the previous day also dented investor sentiment.