Hong Kong: Stocks end lower, dragged down by tech stocks
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[HONG KONG] Hong Kong stocks declined on Monday, dragged down by tech firms, amid regulatory concerns after China's central bank called for an overhaul at Ant Group, although upbeat China data curbed losses.
The Hang Seng index fell 0.3 per cent, to 26,314.63, while the China Enterprises Index lost 1.1 per cent, to 10,311.48 points.
Falling the most, the Hang Seng tech index slumped 4.3 per cent, while the Hang Seng IT index dived 5.9 per cent.
China's central bank disclosed on Sunday it had asked the country's payments giant Ant Group to shake up its lending and other consumer finance operations, in the latest blow to its billionaire founder and controlling shareholder Jack Ma.
Hong Kong shares of Alibaba Group Holding dropped 8 per cent in its sixth straight session of decline.
Shares in new economy companies, including Alibaba, Tencent and Meituan may stay under pressure, and it's still early for investors to hunt for bargains now, Guodu Hong Kong said in a note.
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REUTERS
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