Media365
The Hang Seng Index declined 0.6 per cent to 26,976.92 as of 9.55am local time, trimming the 3.9 per cent gain recorded last week. The Hang Seng Tech Index lost 1.5 per cent.
There will be no trading in Hong Kong on Tuesday on account of a public holiday. Mainland stock exchanges are closed for the National Day and Mid-Autumn Festival holidays until Wednesday.
Chipmaker SMIC slumped 3.3 per cent to HK$87.95, while short-video platform Kuaishou Technology declined 2.1 per cent to HK$86.80. Electric-vehicle maker Li Auto slid 2.8 per cent to HK$96.85, while peer BYD dropped 1.1 per cent to HK$108.20.
Gold miner Zijin Mining Group gained 4 per cent to HK$34.68, as the uncertainty around the US federal government shutdown boosted demand for bullion. Food-delivery service provider Meituan advanced 1.1 per cent to HK$107.30, while WeChat operator Tencent Holdings added 0.2 per cent to HK$675.
The political stalemate in Washington has not only dampened risk appetite in equity markets, but also complicated the outlook for monetary policy. The shutdown has delayed the release of key economic data such as payrolls, leaving traders and policymakers with less visibility on the health of the US economy.
