Hong Kong’s Top Chinese Stocks Drop on Sanction Risk Concerns
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Hong Kong stocks dropped, with investors selling some of the quarter’s top performers on concern more firms may be kicked out of global equity benchmarks and that Chinese banks may be targeted as China-U.S. tensions grow.
The Hang Seng Index retreated as much as 2.2% before paring to end Monday 1.2% lower, with volume 42% higher than the three-month average. The Hang Seng Finance Index dropped 1.6%, with Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp. down at least 1.9%. Food delivery services provider Meituan, which is up more than 177% this year and benefited from the pandemic lockdowns, lost 2.2%.