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Chinese technology stocks tumbled in Hong Kong, tracking a slump in US peers and digital assets as traders turned cautious on policy tightening risks and the city recorded the most Covid-19 cases in 18 months. The Hang Seng Tech Index lost 2.8 per cent at the close of Monday trading, the steepest in two weeks as Alibaba Group Holding and JD.com led the pullback for a second day. The Hang Seng Index retreated 1.2 per cent, while China’s Shanghai Composite Index erassed losses to end little changed.

Major Asian markets were mixed. Shares in South Korea retreated by 1.5 per cent, while Australian stocks lost 0.5 per cent. The Japanese benchmark rose 0.2 per cent. “The start of Fed hiking cycles tends to pose a modest headwind to Asian equities,” strategists at Goldman Sachs wrote in a report on Friday. Still, regional response to the onset of Fed tightening may not be as severe as previous episodes, given China’s easing bias, they added. Today’s decline halted a five-week rally in the broader market that has gained about US$225 billion in value, according to Bloomberg data. The Hang Seng Index has risen 6.7 per cent this year before today, the strongest start to a year since 2019.

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