Stocks fell in Shanghai and Hong Kong on Tuesday, setting a somber tone for Chinese stocks listed in New York. The Shanghai Composite shed 35.22 points or 1.1% to 3,089.45 on fears that the government will tight lending to cool off hot property markets. Hong Kong trading reflected global economic concerns as the Hang Seng Index fell 0.7% to 17,862.27. But Hutchinson Telecom (HTX) and China Unicom (CHU) rose along with Air China (753.HK) and Sinopec (SNP). But property, materials, energy stocks fell on heavy trading.
China ADRs lost momentum in the last five trading days and the trend looks to continue for Tuesday.