Hong Kong stocks see sell-off on Monday, technology firms, chipmakers led the losses

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

The benchmark Hang Seng Index tumbled by nearly 3% to close at 17,216, the Hang Seng China Enterprises Index sliding 3.2% and the Hang Seng Tech Index tumbled nearly 4%.

Technology heavyweights led the losses, with Meituan sliding 6.7%, Alibaba, Kuaishou and JD sliding more than 3%, NetEase, Baidu and Tencent sliding more than 2%. Semiconductor companies tumbled after the US escalated restrictions on chip exports to China, with Shanghai Fudan slumping more than 20%, Hua Hong Semiconductor slumping 9.4%, SMIC sliding nearly 4%.

Tourism companies and catering companies were mostly lower after official data showed that China’s tourist trips declined by more than 18% on year during the National Day holidays. Casino operators, airlines, biotechnology companies, automakers and home appliance makers were mostly lower.

Drugmakers, mainland Chinese securities brokerages outperformed.