Hang Seng Plummets 4.5% as Tech Sell-Off Sinks Stocks

A pedestrian walks along the Hudson River Waterfront Walkway in Jersey City, the U.S., in April 2019. Photo: Bloomberg

(Bloomberg) — Asian stocks fell Monday on a rout in Chinese technology shares, with Hong Kong’s Hang Seng Index losing 4.5%, while U.S. Treasurys slid as elevated commodity prices stoked concerns that the Federal Reserve may need aggressive monetary-policy tightening to tame inflation.

The 9% plunge in a gauge of Chinese tech firms reverberated around the region, leaving an Asia-Pacific equity index in the red for a second session. A Covid lockdown in Shenzhen, a tech hub, added to the geopolitical and regulatory risks facing the sector in part from strained ties between the U.S. and China.