(Bloomberg) — Hong Kong stocks slid for a third day in a broad selloff led by casino and property names as investors fretted over omicron’s spread and the broader risk posed by faster monetary tightening at the Federal Reserve.
The benchmark Hang Seng Index retreated as much as 1.3% while a gauge of Macau casinos plunged 6%. Property shares continued to be a drag on the market amid troubles at Shimao Group Holdings Ltd., with a Bloomberg gauge of Chinese developers falling more than 3%. Shimao lost over 12% on renewed concern about its financial health.
Meanwhile, Hong Kong’s Hang Seng Tech Index slipped as much 2.3%, led by a 7.3% slump in Bilibili Inc. The mainland’s benchmark CSI 300 gauge slipped 0.7%.
“Ahead of the FOMC meeting, markets are leaning toward paring back on some risks,” said Jun Rong Yeap, a strategist at IG Asia Pte. “For China tech stocks, it is a general confluence of risk factors, from the tech risk-off sentiments in external markets and the renewed virus uncertainty.”
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