China, Hong Kong stocks fall for 4th session amid global rate hikes

"It all depends on when the U.S. stock market will stop falling and stabilise." ** Hong Kong shares of HSBC Holdings, an index heavyweight, tumbled 7.6%, weighing on the Hang Seng benchmark . ** Sterling slumped to a record low, prompting speculation of an emergency response from the Bank of England, as confidence evaporated in Britain's plan to borrow its way out of trouble.

Chinese and Hong Kong shares gave up gains to close down on Monday, declining for a fourth straight day, as global markets slid on overseas monetary tightening and recession worries.

** The blue-chip CSI 300 Index closed down 0.5%, while the Shanghai Composite Index lost 1.2%. ** The Hang Seng Index ended lower 0.4%, hovering around nearly 11-year lows, while the Hang Seng China Enterprises Index added 0.4%.

** China's central bank announced steps to slow the pace of the yuan's recent depreciation by making it more expensive to bet against the currency. ** China's yuan, however, touched a 28-month low against the dollar, only steps away from its downside trading limit, despite the central bank's move.

** Foreign investors bought more than 4.2 billion yuan ($590 million) of Chinese stocks through the stock connect scheme on Monday, following four straight sessions of net selling. ** Shares in energy and resource companies slumped 3.5% and 3.3%, respectively on concerns of falling demand in a global recession.

** Tourism-related stocks jumped 2.7%, and liquor makers went up 1.8%. An index representing Macau casino operators soared more than 10%. ** Macau's leader said China would resume an e-visa scheme for mainland travellers and permit group tours, which could likely boost the footfall in the world's biggest gambling hub.

** Sands China Ltd jumped 15.7%, while SJM Holdings Ltd and Wynn Macau surged more than 11% each. ** Meanwhile, Hong Kong scraped its controversial COVID-19 hotel quarantine policy for all arrivals, in a long-awaited move for many residents and businesses in the financial hub.

** "Risk appetite will remain low and investor sentiment is hard to be boosted in the near term," Huaan Securities said in a note. "It all depends on when the U.S. stock market will stop falling and stabilise." ** Hong Kong shares of HSBC Holdings, an index heavyweight, tumbled 7.6%, weighing on the Hang Seng benchmark .

** Sterling slumped to a record low, prompting speculation of an emergency response from the Bank of England, as confidence evaporated in Britain's plan to borrow its way out of trouble. ** Tech giants listed in Hong Kong finished up 1.6%, with food-delivery giant Meituan surging 4.5%.

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