Hong Kong Stocks fall on interest rate worries, China Covid curbs

Hong Kong share market finished session lower on Monday, 11 April 2022, as unease lingered over tightening monetary policy by the United States and Covid curbs in the China threatened to exacerbate supply-chain snarls. Also, weighing on sentiments were concerns of money flows out of China amid widening divergence between the U.S. and Chinese economies.

At closing bell, the benchmark Hang Seng Index stumbled 3.03%, or 663.71 points, to 21,208.30. The Hang Seng China Enterprises Index fell 3.76%, or 281.88 points, to 7,208.49.

Tech stocks tumbled on tracking drop in US peers, with video and livestreaming platform Bilibi down 13.2%. Index heavyweights Meituan and Alibaba retreated more than 5% each, and Tencent was down 4.3%.

Shares of property developers declined, with Zhenro Properties erasing 12.5% as it missed interest payments on two offshore bonds and expected four more defaults in the coming months due to the lockdown in Shanghai.

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