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