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Hong Kong Stocks Reopen With Worst Start to Month Since 2011

  • Hang Seng Index drops 4.2% as trading resumes; oil firms sink
  • Global stocks losing momentum, U.S.-China tensions increase
Bloomberg business news
Hong Kong Is on the Way to a Recovery, Says Legco’s Tien
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Hong Kong stocks slumped amid signs the bullish sentiment that had added $14 trillion to global equity values is now faltering.

The Hang Seng Index closed down 4.2% Monday, the biggest decline for a month’s first day of trading since 2011, while a gauge of Chinese companies fell 4.4%. The city’s stocks had last traded on Wednesday, before a global market recovery lost momentum and tensions between the U.S. and China flared up over the origin of the coronavirus. Futures on the S&P 500 were recently down 0.7%, signaling further losses after the underlying index dropped 2.8% to end last week.