Hong Kong stocks tumble on bearish property, tech firms
The Hang Seng Index dipped on Monday. /CFP

The Hang Seng Index dipped on Monday. /CFP

Hong Kong stocks shed 3.3 percent on Monday, weighed down by lackluster property and tech companies, as the benchmark index retreated to the lowest level in nearly a year.

The property sector led the decline. Debt-laden Evergrande was down almost 19 percent briefly before ending 10 percent off. New World Development dived 12.3 percent and Henderson Land tanked 13.2 percent. The Hang Seng Property Index dropped more than six percent, its worst performance since May 2020.

Read more: Cash-strapped realty giant Evergrande starts repaying investors with property

At one moment, the Hang Seng Index dipped to as low as 23,871.84 points, marking the weakest notch since October last year.

The tech sector was also sluggish as multiple internet giants dropped, including Tencent, Kuaishou, and NetEase. The Hang Seng tech index lost 2.8 percent to close at 6,271.37 points.

(With input from agencies)

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