Hong Kong stocks fell Wednesday, halting a three-day advance, as traders shunned riskier assets of US presidential election race. The decline in Hong Kong equities — which are more closely linked to external events and global money flows — reflected international investors’ concerns about a second term for Trump, which may bring about heightened trade tensions and policy surprises.

The Hang Seng Index dropped 2.2%. The Tech Index slipped 2.5%.

JD.com fell 4.2%; Alibaba, Nio fell 4%; Li Auto fell 2.7%; Meituan fell 2.3%; Tencent fell 1.9%.

There are concerns among investors that another Trump presidency may keep inflation elevated and introduce high tariffs, complicating the Federal Reserve’s task to achieve price stability and boding ill for Asia’s export-driven economies.

“Trump trades gaining ground in early Asian trading could be a mixed message for Asian equities,” said Charu Chanana, chief investment strategist at Saxo Markets. “While his pro-growth policies could spill over the tailwinds to Asia, threats of tariffs and a stronger dollar will have be to assessed as well.”