Hong Kong Shares Plunge Near 1.5%

2022-05-23 03:03 By Farida Husna 1 min. read

The Hang Seng shed 300 points or 1.45% to 20,417 in early trade on Monday, amid profit taking and following the negative lead from Wall Street Friday.

The S&P 500 and the Nasdaq saw their 7th straight week of losses last week, their longest losing streak since 2001, on worries over surging inflation and more tightening; while the Dow posted its eighth straight weekly fall, its longest since the Great Depression.

Traders remained wary of the curbs and endless mass testing imposed in Beijing, which have upended the lives of its people.

Shares of Alibaba Holdings sank 3.9%, while Meituan and Tencent slid 3.2% and 2.3%, each.

Xi peng Inc, an electric vehicle producer slumped over 8.1%, its biggest daily percent drop since mid-May, ahead of its quarterly results for the March quarter.

Last week, Hong Kong's stocks surged almost 3%, on expectations for further policy easing after the PBoC cut the 5-year LPR from 4.6% to 4.45%, the largest cut on record and the second time this year.



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