HSI Narrows Losses At Close As Tech Selloff Eases

Hong Kong stocks recouped early losses on Monday but that was not enough to bring them into positive territory, while regional markets were mixed as investors awaited for clues from key US inflation figures this week on how long the loose monetary policy environment could stay.

The Hang Seng Index began the week on a negative note and slid as many as 262 points during the morning session. But it reversed course before lunch and clawed back some of the losses before finishing down 46 points, or 0.2 percent, at 28,412.

Market turnover reached HK$120.9 billion.

Tech shares were among the day's worst blue-chip performers. Xiaomi led losses after plunging 2.9 percent. Meituan declined 1.5 percent. Alibaba retreated 1.4 percent. Heavyweight Tencent edged down 0.2 percent.

Hong Kong Exchanges and Clearing skidded 0.7 percent, as former JP Morgan banker Nicolas Aguzin officially took office as the bourse operator's new chief executive.

But CSPC Pharmaceutical surged 4.4 percent to become the winner on the benchmark, after the company announced that first quarter net profit jumped 27 percent.

A number of companies recently picked to be included in the benchmark also fared well. BYD and Country Garden Services each added more than two percent. But Xinyi Solar gave up early gains to close 0.5 percent lower.

Across the border, the Shanghai Composite index put on 0.3 percent, while the blue-chip CSI 300 index was 0.4 percent firmer. The Shenzhen Composite advanced 0.8 percent.

Around the region, Tokyo, Taiwan and Sydney each gained 0.2 percent. Singapore was 0.3 percent higher. But Seoul's Kospi trimmed 0.4 percent.