Hong Kong Stocks Plunge on Profit-Taking Amid China Market Rebound
The Hang Seng Tech Index fell 13% to 4695.81. The sharp decline in Hong Kong reflected profit-taking as investors sought to capitalize on positive sentiment in China’s A-share market, which resumed trading after a long holiday, according to Macquarie Capital’s head of China equity strategy, Eugene Hsiao. Longfor Group plunged 23%, China Life Insurance slumped 21%, and China Mengniu Dairy and China Resources Mixc Lifestyle Services shed 19% each.