Hong Kong, Shanghai: Stocks sink after oil deal fails

[HONG KONG] Hong Kong and Shanghai stocks tumbled in early trade Monday with energy firms hit by a slump in oil prices after major producing nations failed to reach an agreement on limiting output at the weekend.

The Hang Seng Index in Hong Kong sank one per cent, or 212.79 points, to 21,103.68 soon after opening.

And the benchmark Shanghai Composite Index lost 0.64 per cent, or 19.66 points, to 3,058.46, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, eased 0.65 per cent, or 12.84 points, to 1,965.74.

AFP