Hong Kong stocks suffered a third straight day of heavy losses Tuesday as investors' euphoria over expected Federal Reserve interest rate cuts cools following November's rally.

The Hang Seng Index tumbled 1.91 percent, or 318.19 points, to 16,327.86.

The Shanghai Composite Index slipped 1.67 percent, or 50.62 points, to 2,972.30, and the Shenzhen Composite Index on China's second exchange shed 1.95 percent, or 36.62 points, to 1,845.03.