Hong Kong Stocks Close With Losses

Hong Kong stocks tumbled more than one percent on Monday, in line with a global retreat, as the Federal Reserve shifts towards lifting interest rates as soon as next year to prevent the US economy from overheating as it recovers from the pandemic.

The Hang Seng Index fell 1.1 percent, or 312 points, to 28,489.

Turnover was HK$157.3 billion.

Market heavyweight Tencent shed 2 percent to finish at HK$590.50.

HSBC dived 3.5 percent to HK$45.55.

Mainland shares were mixed, with the Shanghai Composite Index edging up 0.1 percent, and the Shenzhen Component Index rising 0.4 percent.

Elsewhere, the Nikkei in Japan tumbled nearly 3.3 percent. The KOSPI in South Korea lost 0.8 percent. Taiwan shares fell almost 1.5 percent, and Australian stocks gave up 1.8 percent. (Additional reporting by AFP)