Hong Kong stocks closed at two-week lows on Monday as the launch of the Shenzhen-Hong Kong investment link received a muted response, with risk appetite curbed by the Italian referendum result and a tumble in mainland shares. The main index in Hong Kong fell 0.3 percent, to 22,505.55 points at the close, while the Hong Kong China Enterprises Index lost 0.7 percent, to 9,711.80 points.
Although the launch of the Shenzhen-Hong Kong Stock Connect is expected to channel fresh Chinese money into the city, there was little excitement on Monday toward the long-awaited scheme. An index tracking Hong Kong's small caps closed nearly 0.4 percent lower on Monday, wiping out earlier gains. Most sectors lost ground in Hong Kong, with an index tracking mainland property developers listed in the city among the worst casualties, falling over 2 percent. The slide was partly driven by a 7.5 percent slump in Vanke, which has been at the centre of a bidding war for management control.
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