By Jiaxing Li
HONG KONG, Feb 25 (Reuters) - China and Hong Kong stocks stumbled in early trade on Tuesday, with a sell-off in tech heavyweights pulling down the markets.
The Hang Seng Tech Index .HSTECH lost 3% after sliding as much as 4.3% at the market open, with Alibaba 9988.HK tumbling more than 6% and Baidu 9888.HK dropping 4.5%.
The Hang Seng Index .HIS, tracking the broader market in Hong Kong, dropped 2% while the onshore blue-chip CSI 300 Index .CSI000300 declined 0.9%.
The pullback follows the overnight drop in U.S.-listed Chinese stocks on Monday. The Nasdaq Golden Dragon China Index .HXC tumbled 5.2% in its worst single-day decline since October as profit-taking and geopolitical pressures ratcheted up.
The sell-off marks a stark reversal for the Hang Seng Tech Index, which had advanced for six straight weeks in its best winning streak since 2020, driven by strong earnings and optimism about artificial intelligence.
"It's overshot, rising too quickly. The market has run ahead of itself," said Qi Wang, chief investment officer at UOB Kay Hian in Hong Kong, who has taken profit on big tech holdings.
(Reporting by Jiaxing Li in Hong Kong; Editing by Jacqueline Wong)
((jiaxing.li@tr.com +852 63358304))
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