Hang Seng Index slumps nearly 300 points on first trading day after CNY

Hong Kong stocks plunged on the first trading day of the Year of the Horse.

The benchmark Hang Seng Index closed down 92 points, or 1.1 percent to 26,413 points.

The market turnover shrank to HK$165 billion. 

The Hang Seng Tech Index slumped by 2.9 percent to 5,211 points, the lowest in more than seven months.

Baidu (9888) dropped more than 6 percent. Alibaba (9988) and NetEase (9999) both lost more than 4 percent.

The Chinese stock market remained closed until Tuesday.