Hong Kong Stocks Poised for 13-Year Low as Growth Concerns Weigh

(Bloomberg) — Hong Kong stocks dropped, putting the benchmark on course for its lowest close since 2009, as Chief Executive John Lee’s maiden policy speech underwhelmed amid ongoing concerns of the Chinese mainland’s “zero-Covid” policy.

The Hang Seng Index slid as much as 2.6%, driven by losses in tech shares including Alibaba Group Holding Ltd. and Meituan. The measure, down 31% this year, is already one of the world’s worst-performing equity gauges during the period as China’s growth slowdown and global headwinds from rising inflation and higher interest rates take a toll.