Hong Kong stocks lead losses in Asia on China unrest, oil at lowest in 2022

Zhang Yong, founder and CEO of Haidilao International Holding Ltd, poses during the ceremony for the listing of Chinese hotpot chain Haidilao at the Hong Kong Stock Exchange (HKEX) in Hong Kong, China, Sept 26, 2018. [Photo/IC]. Sketched by the Pan Pacific Agency.

HONG KONG, Nov 28, 2022, CNBC. Hong Kong stocks led losses in a negative Asia-Pacific session on Monday amid unrest in China over its continued zero-Covid policy. Oil futures hovered around new 2022 lows as demand concerns from the world’s second-largest consumer of oil weighed on prices, CNBC reported.

The Hang Seng index in Hong Kong fell 1.63% in the final hour of trade, paring some of the losses after shedding 4% at the open. The Hang Seng Tech index fell 2.07%. In mainland China, the Shanghai Composite fell 0.75% to 3,078.55 and the Shenzhen Component also fell 0.69% to 10,829.08.

The offshore yuan weakened sharply against the dollar after ending last week around 7.20 per dollar. Futures of West Texas Intermediate crude, the U.S. benchmark for oil, dipped around 3% to the lowest levels since Dec. 2021.

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