Hong Kong and China stocks sink on trade war fears

Hong Kong and Chinese stocks dived on Monday as markets around the world crumbled in the face of a widening global trade war and fears it will unleash a deep recession.

Hong Kong’s Hang Seng Index tumbled 9.28 percent at the open, falling 2,119 points to 20,730.

The Hang Seng China Enterprises Index opened 763 points, or 9.1 percent, lower at 7,656. The Hang Seng Tech Index dropped 592 points, or 11.1 percent, to 4,721 at the open.

Hong Kong-listed tech stocks slumped across the board, with Tencent (0700) down 11 percent, Alibaba (9988) falling 12.5 percent, Meituan (3690) sliding 8 percent, JD.com (9618) retreating 11 percent, and Xiaomi (1810) dropping 12 percent. Leading EV maker BYD (1211) also tumbled 13 percent.

In the mainland, the Shanghai Composite Index opened 4.46 percent lower at 3,193, down 148 points, while the Shenzhen Component Index plunged 5.96 percent to 9,747.

REUTERS and STAFF REPORTER