Hong Kong stocks fell to a nearly three-month low on Wednesday, reports the South China Morning Post. This comes as surging oil prices fuelled bets that rising energy costs would stoke inflation and cripple global growth.
The Hang Seng Index closed 2% lower at 25,249.48, the lowest since December 16. The Hang Seng Tech Index lost 1%. On the mainland, the CSI 300 Index slid 1.1% and the Shanghai Composite Index retreated 1%.
All but 10 stocks on the 88-member Hang Seng Index fell. Alibaba Group dropped 3.6% to HK$129.90 and Tencent shed 0.9% to HK$506. Oil producers also gave up some of their earlier gains spurred by the surge in the fuel price, with PetroChina sliding 3% to HK$10.12 and CNOOC weakening 1.9% to HK$27.08.