HONG KONG (Nikkei Markets) -- Hong Kong shares slumped on Tuesday, as sentiment turned sour after Moody's Investors Service downgraded the city's rating and as concerns mounted over the spread of a deadly virus in and around China.
The Hang Seng Index tumbled 2.8% to 27,985.33, its lowest close since Dec. 24. Social media and gaming heavyweight Tencent Holdings declined 2.7%. Chairman Pony Ma sold about 5 million shares in the company between Jan. 14 and Jan. 17, according to filings with the Hong Kong Stock Exchange. Among other major contributors to Tuesday's drop, insurers AIA Group and Ping An Insurance Group slid 3.4% and 4.3%, respectively.