Hang Seng Index slumps over 540 points at noon on Monday, Alibaba loses 9pc

Hong Kong stocks plunged over 500 points by noon on Monday, weighed down by tech stocks following Alibaba’s (9988) share sale.

The benchmark Hang Seng Index slumped by 544 points, or  2.1 percent to 25,465 at noon.

The half-day market turnover was HK$167.9 billion. 

The Hang Seng Tech Index was down by 3.8 percent to 4,582 points at noon. 

Shares of Alibaba tanked by over 9 percent after the company announced a HK$80 billion share sale at an 8.4 percent discount.

In the mainland, the Shanghai Stock Exchange Composite Index was down by 0.7 percent to 3,877 points and the Shenzhen Stock Exchange Component Index went down by 2.44 percent to 13,750 points at the midday close.

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