HONG KONG – Hong Kong stocks fell on Monday, with financials leading the slide, as investors locked in gains after a recent rally, while many kept to the sidelines as the Chinese mainland markets remain closed.
By lunch break, the Hang Seng index was down 424.36 points, or 1.48 percent, at 28,300.52. The Hang Seng China Enterprises index fell 1.28 percent to 10,686.87.
The sub-index of the Hang Seng tracking energy shares slid 0.4 percent, while the IT sector dipped 0.94 percent, the financial sector fell 2.11 percent and the property sector was down 1.04 percent.
Chinese mainland’s stock and bond markets, as well as its foreign exchange and commodity futures markets, are closed on May 1-5 for the Labor Day holiday. Trade will resume on May 6
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Chinese mainland’s stock and bond markets, as well as its foreign exchange and commodity futures markets, are closed on May 1-5 for the Labor Day holiday. Trade will resume on May 6.
The top gainer on the Hang Seng was China Petroleum & Chemical Corp, which gained 0.52 percent, while the biggest loser was HSBC Holdings PLC, which fell 3.38 percent after a 9 percent jump last week.
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AIA fell 2.6 percent, Ping An dropped 2.4 percent and China Life was down 2.3 percent
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.6 percent
The top gainers among H-shares were Anhui Conch Cement Co Ltd up 1.29 percent, followed by Postal Savings Bank of China Co Ltd, gaining 1.19 percent and Hansoh Pharmaceutical Group Company Ltd, up by 0.75 percent.
The three biggest H-shares percentage decliners were Kuaishou Technology, which dropped 3.57 percent, China Feihe Ltd, which fell 3.39 percent and Alibaba Health Information Technology Ltd, was down 2.53 percent.