Hong Kong Hang Seng Down 1.2% on Tech Slide, COVID-19 Lockdowns

The Hong Kong Hang Seng Index opened lower Monday and lost ground to the close, finishing down 1.2% on weakened tech issues and after Beijing officials widened anti-pandemic lockdowns.

The broad gauge Hang Seng fell 247.18 to 20,470.06, as losing issues outnumbered gainers 40 to 18. The Hang Seng TECH Index fell back 2.5% on the day, while the Mainland Properties Index fell 0.9%.

Leading the upside were tool-maker Techtronic (0669:HK), up 1.8%, followed by Xinyi Solar (0868:HK), up 1.7%, and then state oil-giant CNOOC (0883:HK), up 1.4%.

On the downside were Alibaba Health Information Technology (0241:HK), off 9.7%, and then garment-maker Li Ning 2331, off 9.1%.

On the mainland, the Shanghai Composite closed largely unchanged at 3,146.86.

In other news, authorities in Beijing instructed 3.1 million residents in the capital's Haidian district to work from home, while other limited residential areas were locked down, to control Covid-19 cases. The actions fueled concerns about wider lockdowns akin to those imposed in Shanghai, reported The South China Morning Post.