Hong Kong tech shares drag market down 2%; Asian markets decline

Chinese and Hong Kong flags fly as screens show the Hong Kong index outside the Exchange Square complex, home to the Hong Kong Stock Exchange, on January 21, 2021 in Hong Kong, China.

Zhang Wei | China News Service via Getty Images

Asia-Pacific shares fell on Monday, with Hong Kong’s Hang Seng leading losses as city-listed Chinese chip stocks continued to fall. New export rules from the US

China’s largest chipmaker Semiconductor Manufacturing International Corporation fell to 5.23% Hua Hong Semiconductor Down more than 10% Shanghai Fudan Microelectronics Co It fell to 24.6% during morning trade.

Broad Hang Seng Index It fell 2.95% to 17,216.66, while the Hang Seng Tech index fell 3.98%. HSI is the heavyweight Meiduan Down 6.71%.

In mainland China, the Shanghai Mix It lost 1.66% to 2,974.15 on the first day of trading after the Golden Week holiday. Shenzhen component 2.38% down at 10,522.12. The CSI 300 index, which tracks broad-listed stocks, fell 2.21% to 3,720.94.

The S&P/ASX 200 6,667.80 down 1.62%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 1.88% lower. Markets in Japan, South Korea, Taiwan and Malaysia are closed on Monday.

Later this week, the Bank of Korea will announce its key interest rate decision, Singapore is set to announce its GDP estimate for the third quarter and China will release inflation data.

Taiwan Semiconductor Manufacturing Co and Japan Fast Retailing The US will report earnings and release inflation data for September.

In the US on Friday, major stock indexes fell more than 2% after data showed the unemployment rate fell in September, fueling fears that the Federal Reserve will raise rates sharply.

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