Tech, auto stocks drag down Hong Kong market

Hong Kong stocks declined on Monday, weighed by tech and auto stocks.

The benchmark Hang Seng Index slid 318 points, or 1.35 percent, to 23,282. The market turnover was HK$223.5 billion.

The Hang Seng Tech Index decreased by 89 points, or 1.7 percent, to 5,157.

BYD (1211) and Geely Automobile (0175) both slumped by more than 8.6 percent at the close, the biggest losers among the blue chip stocks, after BYD announced sweeping price cuts of as much as 34 percent last week.

They were followed by a 5.5 percent decline in Meituan (3690), after regulators issued guidelines on fees for online platforms. It is scheduled to announce its first quarter results on the latter part of Monday. Xiaomi (1810) and Li Auto (2015) both dropped by more than 3 percent.

In the mainland, the Shanghai Stock Exchange Composite Index remained flat at 3,346 points while the Shenzhen Stock Exchange Composite Index inched up 0.17 percent, or 3 points, to 1,976.

STAFF REPORTER