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Wall Street futures also lost strength overnight. Dow futures fell 173 points, or 0.6%, S&P 500 futures fell 0.6%, and Nasdaq futures fell 0.8%.
Stocks shot up on Monday as pharmaceutical manufacturer Pfizer announced that a first look at data from its Covid-19 vaccine, made with German partner BioNTech, shows it is 90% effective. Investors also reacted positively to the increased political certainty following Joe Biden’s victory in the US presidential election.
“Investors have been waiting patiently for news of any breakthrough in vaccine development and last night that patience paid off,” said Tai Hui, chief Asian market strategist for JP Morgan Asset Management. But he added that any effective vaccine would still be months away from mass release.
Shanghai-based Fosun Pharma, which has a deal with BioNTech to distribute coronavirus vaccines, increased 14% in Hong Kong on Tuesday. The stock also increased 10% in Shanghai, the maximum daily limit allowed there.
Guo added that he hopes a vaccine could be launched in China as soon as possible and said Fosun will continue to speak with Chinese regulators.
Tech stocks in Asia plunged Tuesday, following the Nasdaq lead. Tech stocks on the Nikkei fell 1.6% on average, according to data compiled by Refinitiv. The Hang Seng Tech Index, which tracks Hong Kong’s 30 largest tech stocks, fell 5.5%.
According to JP Morgan’s Hui, investors may think demand for certain technology products and services will slow as employees gradually return to the office.
– CNN’s Nadia Kounang and Anneken Tappe contributed to this report.
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