SMIC Nosedives As Local Stocks Open Week In Red

Hong Kong stocks dropped on Monday, extending last week's retreat and following fresh protests in the city over the weekend.

The Hang Seng Index closed 105 points or 0.43 percent lower at 24,589.

Shares in China’s most advanced semiconductor manufacturer, SMIC, plunged 22 percent at HK$18.24 following news reports from Washington that US officials are considering limiting its access to American manufacturing technology. The company has denied Washington's suggestions it assists China’s military development.

Across the border, the benchmark Shanghai Composite Index fell 1.87 percent, or 62 points, to close at 3,292, while the Shenzhen Composite Index on China's second exchange dropped 2.22 percent, or 50 points, to 2,239.

Asian stock markets were mixed.

Benchmarks in Tokyo and Sydney retreated, while Seoul gained ground.

In energy markets, benchmark US crude oil for October delivery fell 55 cents to US$39.22 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude for November delivery, the international standard, declined 49 cents to US$42.17 per barrel in London. (AP/AFP)