Hong Kong stocks slump over 10pc on recession fears

Hong Kong stocks slumped more than 10 percent on Monday morning, the worst performance among major global indexes as fears of a tariff-driven global recession continued to roil markets.

The benchmark Hang Seng Index dropped 2,445 points, or 10.7 percent, to 20,404 points at noon.

The turnover on the main board surged to HK$322 billion.

The Hang Seng China Enterprises Index fell by 909 points, or 10.8 percent, to 7,510, while the Hang Seng Tech Index plummeted 14 percent, or 741 points, to 4,571 points, both recording their largest declines since October last year.

Some utility stocks, however, rose against the trend, with Power Assets (0006) up 0.62 percent to close at HK$48.35, the biggest gainer among blue-chip stocks.

In the mainland, the Shanghai Composite Index slumped 6.34 percent, or 211 points, to 3,130 points at midday, falling below the 3,200 level. The Shenzhen Component Index tumbled 8.01 percent, or 830 points, to 9,535 points.

STAFF REPORTER