HSI Sheds 2.2 Percent As Asian Markets Slide

Hong Kong stocks tumbled on Tuesday, in line with an Asia-wide sell-off following a rout on oil markets while investors kept tabs on North Korea after reports said Kim Jong-un had undergone surgery and was in "grave danger".

The Hang Seng Index sank 2.2 percent, to 23,793.

Across the border, the Shanghai Composite Index shed 0.9 percent, to 2,827 while the Shenzhen Composite Index lost 0.8 percent, to 1,753.

Other Asian markets were also deep in the red, having enjoyed a healthy couple of weeks thanks to massive stimulus measures and signs of an easing in the rate of new infections globally.

Tokyo ended 2 percent lower, while Sydney dropped 2.5 percent with Mumbai more than 3 percent lower.

Seoul was down 1 percent and Taipei retreated 2.8 percent.

Singapore, Jakarta and Bangkok lost more than 1 percent, and there were also big losses in Wellington and Manila.

The flight to safety was reflected in currency markets, where the US dollar soared against high-yielding, riskier units.

The Australian and New Zealand dollars and the South Korean won were all down almost 1 percent, while the Russian ruble sank more than 2 percent.

US crude prices bounced Tuesday but were unable to keep in positive territory, a day after crashing below US$0 for the first time owing to crippled demand and a storage glut.

West Texas Intermediate for May delivery rose to US$1.10 a barrel in early trade after diving to an unprecedented low of minus US$37.63 in New York as the pandemic brings the global economy, transport and factory activity to a halt. (AFP)