Hong Kong Market falls on recession woes
The selloff was due to growing fears that global central banks'measures to rein in inflation would push economies into recession, tempering a relief rally in mainland Chinese stocks from easier quarantine rules.
At closing bell, the benchmark Hang Seng Index fell 422.08 points, or 1.88%, to 21,996.89. The Hang Seng China Enterprises Index was down 199.12 points, or 2.52%, to 7,694.64.
Among blue chips, Alibaba Group Holding lost 3.1% to HK$114.50, while NetEase dropped 4.1% to HK$145.20. Meituan fell 2.3% to HK$202.80, while Li Ning and Anta Sports retreated at least 3%.
Shares of car makers declined. Shares in electric-car maker Nio sank 11.4% to HK$165.50, as a short seller alleged the company inflated revenue figures, which Nio denied. XPeng fell 7.4% to HK$125.10 and Li Auto retreated 8.8% to HK$144.30. Geely Auto plunged 8.2% to HK$17.50. BYD lost 5% to HK$315.
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