Hong Kong stocks end down on rate hike fears

HONG KONG: Stocks in Hong Kong tumbled Monday, in line with losses across global markets after a forecast-beating US jobs report fanned expectations for more big US interest rate hikes.

The Hang Seng Index shed 2.95 percent, or 523.39 points, to 17,216.66.

Hong Kong stocks finish with a big loss

Mainland Chinese markets also fell as traders returned from a week-long holiday, with sentiment dragged by concerns about fresh Covid flares-ups around the country that investors fear could lead to new painful lockdowns.

The Shanghai Composite Index fell 1.66 percent, or 50.25 points, to 2,974.15, while the Shenzhen Composite Index on China’s second exchange shed 2.17 percent, or 41.49 points, to 1,870.50.