Stocks in Hong Kong tumbled 357 points or 1.9% to 18,714 in early deals on Monday
Stocks in Hong Kong tumbled 357 points or 1.9% to 18,714 in early deals on Monday, slipping for the sixth straight session and reaching their lowest level in nearly four months amid a drop in US futures following a plunge on Wall Street Friday after strong US payroll data further damped bets on Fed interest-rate cuts this year. Additionally, nervous traders braced for December trade figures in China later today after exports rose less than expected in November while imports unexpectedly shrank.
On the policy front, the Chinese central bank halted treasury bond purchases last Friday, exerting upward pressure on the country's bond yields. All sectors suffered steep losses, dragged by mounting worries that Chinese stocks were nearing bear-market territory. Large-cap shares declined, with Tencent Hlds. (-1.0%), Meituan (-3.0%), and Xiaomi Corp. (-0.6%) experiencing deep losses. Other notable laggards included JD Health Intl. (-5.1%), Lenovo Group (-4.9%), and BYD Electronic (-3.8%).(Cay)
Source: Trading economi
