December 2, 2022

Hong Kong tech stocks drop 2% market;  Asia markets are down

Hong Kong tech stocks drop 2% market; Asia markets are down

China and Hong Kong flags flutter as screens display the Hang Seng index outside the Exchange Square complex, which houses the Hong Kong Stock Exchange, on January 21, 2021 in Hong Kong, China.

Zhang Wei | China News Service via Getty Images

Stocks in the Asia-Pacific region fell on Monday, and Hong Kong’s Hang Seng led losses as Chinese chip stocks listed in the city slipped after New export rules from the United States

The largest chip maker in China International Semiconductor Manufacturing Corporation As much as 5.23%, while Hua Hong Semiconductor fell more than 10% and Shanghai Fudan Microelectronics Corporation It fell to 24.6% during morning trading.

the widest Hang Seng Index It was 2.95% down at 17216.66, with Hang Seng Tech shedding 3.98%. HSI . Heavyweight Mituan It fell 6.71%.

in mainland China, Shanghai boat It lost 1.66% to 2974.15 on its first trading day after the Golden Week holiday, while losing Shenzhen Component It fell 2.38% to 10522.12. The CSI 300 Index, which tracks the mainland’s largest listed stocks, fell 2.21% to 3,720.94.

The S & P / ASX 200 It was 1.62% low at 6667.80. MSCI’s broadest index of Asia Pacific shares outside Japan traded 1.88% lower. Markets in Japan, South Korea, Taiwan and Malaysia are closed for holidays on Monday.

Later this week, the Bank of Korea will announce its decision on the benchmark interest rate, Singapore is due to release its third-quarter GDP estimate, and China is to release inflation data.

Taiwan Semiconductor Manufacturing Corporation Japan express retail Earnings will be announced and the US will release inflation data for September.

On Friday in the US, major stock indexes fell more than 2% after data showed the unemployment rate fell in September, raising concerns that the Federal Reserve will continue to raise rates aggressively.