HONG Kong shares have fallen 0.38 per cent, a third straight drop, with developers and Chinese banks the main losers as the index continued to correct after a 10-day winning streak.
The benchmark Hang Seng Index on Tuesday eased 82.47 points to 21,428.58 on turnover of $HK46.08 billion ($A5.79 billion).
"The market may take a breather in November and then resume the uptrend in December for a traditional year-end rally," Ben Kwong, chief operating officer at KGI Asia, told Dow Jones Newswires.
China banks were hurt after China Citic Bank reported its third-quarter net profit fell 15 per cent year-on-year.
ICBC fell 1.8 per cent to $HK5.03, China Construction Bank slipped 1.4 per cent to $HK5.71 and Bank of China closed down 1.6 per cent at $HK3.12.
Hong Kong property firms fell for a second straight session, with New World Development off 2.8 per cent at $HK11.74 on top of its 6.4 per cent fall on Monday in reaction to government measures to curb soaring prices.
Fosun Pharmaceutical fell 8.1 per cent to $HK10.84 on its debut.
However, developers were the main gainers in Shanghai as Chinese shares closed up 0.17 per cent. The benchmark Shanghai Composite Index rose 3.41 points to 2,062.35 on turnover of 42.8 billion yuan ($A6.71 billion).
"Major developers' satisfactory sales performance this year and accelerated land purchases should provide good support to their share price performance," CIMB Securities analyst Johnson Hu told Dow Jones Newswires.
Poly Real Estate gained 2.52 per cent to 10.98 yuan and Gemdale climbed 2.20 per cent to 5.11 yuan after both companies reported year-on-year rises in net profit for the third quarter.
Liquor-makers also rose, with Xinjiang Yilite Industry surging by its 10 per cent daily limit to 13.09 yuan after it announced a profits rise. Kweichou Moutai added 1.14 per cent to 244.58 yuan.
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