Hong Kong stocks drop more than 3% as tech sector hammered

Business Desk: Dhaka, Mar-14,

Hong Kong stocks fell more than three percent Monday as tech firms were hit by concerns over China’s crackdown on the sector and as the country’s tech hub Shenzhen was put into lockdown.
The Hang Seng Index shed 3.02 percent, or 620.21 points, to 19,933.58 — dropping below 20,000 for the first time since mid-2016.
The selloff comes as part of a global retreat fuelled by Russia’s invasion of Ukraine, which has sent oil prices soaring and is expected to light a fire under already elevated inflation.
The crisis has further rattled Hong Kong investors who have also had to contend with China’s regulatory crackdown on the private sector, with once-flying technology companies most often in the crosshairs.
The Hang Seng Tech Index shed more than six percent Monday, with the market heavyweight Alibaba off almost seven percent and Tencent 3.5 percent lower.
Adding to the pain was news on Sunday that China has placed all 17 million residents in the tech hub of Shenzhen under lockdown as it battles a flare-up in Covid-19 cases across the country.
Public transport has been suspended and officials have told all residents to stay at home, with the lockdown set to last until March 20 while three rounds of mass testing are carried out.
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