Not because of falling risk sentiment, but is due to HSBC shares tumbling

HSBC released their Q4 earnings at the break, where the pretax profits missed estimate slightly. But shares are down 1.8% after the break, and that's dragging the Hang Seng index lower. HSBC shares were trading 0.78% higher heading into the lunch break.

The Hang Seng index is now down 0.44% on the day, as HSBC accounts for a weightage of over 10% of the index - which is only usurped by Tencent Holdings.