• Sun. Dec 4th, 2022

Hong Kong stocks fall 2% on Covid fears; China keeps benchmark lending rates on hold

Shares in the Asia-Pacific mostly fell on Monday amid growing Covid concerns in China as its central bank kept the benchmark lending rates, or loan prime rates, on hold — in line with expectations.

The Hang Seng index in Hong Kong fell 2.02% in its final hour of trade, leading losses in the wider region. In mainland China, the Shanghai Composite fell 0.39% to 3,085.04 and the Shenzhen Component also fell 0.411% to 11,134.47.

In Australia, the S&P/ASX 200 was 0.17% lower at 7,139.30. South Korea’s Kospi dropped 1.02% to 2,419.50. The MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.29%.

The Nikkei 225 in Japan bucked the regional trend and was up 0.16% at 27,944.79 at the close, while the Topix gained 0.28% to 1,972.57.

.N225Nikkei 225 Index*NIKKEI28134.06189.270.68
.HSIHang Seng Index*HSI17587.87-68.04-0.39
.AXJOS&P/ASX 200*ASX 2007188.549.20.69
.KS11KOSPI Index*KOSPI2410.04-9.46-0.39
.FTFCNBCACNBC 100 ASIA IDX*CNBC 1007624.1530.740.4

Over the weekend, Malaysia’s election produced a hung parliament, and parties are trying to win support from other blocs to form the government. Later this week, Baidu will report earnings and Singapore will release inflation data.

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