By Laura He, MarketWatch
HONG KONG (MarketWatch) -- Hong Kong stocks sold off on Monday,
falling to their lowest close in more than two months, as massive
protests led to the shutdown of some businesses and bank branches
in the territory.
The Hang Seng Index slid 1.9% to close at 23,229.21, the worst
level since early July.
The protests by the pro-democracy activists opposing Beijing's
election plan for Hong Kong have expanded to larger parts of Hong
Kong on Monday, with some roads blocked and banks and retailers in
the affected areas shutting their doors.
In Hong Kong markets, local banks, retailers, and property
developers were hard hit.
Index heavyweight and Sino-British banking giant HSBC Holdings
PLC fell 1.8%, while British bank Standard Chartered PLC declined
2.5%.
Among other losers in the banking sector, BOC Hong Kong
(Holdings) Ltd. skidded 3.7%, Chong Hing Bank Ltd. tumbled 3.5%,
Dah Sing Banking Group Ltd. fell 2.9%, and Bank of East Asia Ltd.
lost 2.8%.
Shares of Hong Kong developer New World Development Co. Ltd.
fell 4.6%, while rivals Sun Hung Kai Properties Ltd. and Cheung
Kong (Holdings) Ltd. both gave up 3.7%.
Local retailers were poorly bid. Jewelry brands Luk Fook
Holdings (International) Ltd. and Chow Tai Fook Jewellry Group Ltd.
dropped 4.8% and 3.8% respectively, while cosmetic stores Bonjour
Holdings Ltd. and Sa Sa International Holdings Ltd. pulled back
3.5% and 3.1%, respectively.
In other Asian markets, Australia's S&P/ASX 200 ended down
0.9%, and South Korea's Kospi Composite Index settled 0.3%
lower.
However, Japan's Nikkei Average advanced 0.5%, with the yen
weakening against the dollar to Yen109.593 from Yen109.295 in the
previous session. The broader Topix index rose 0.4%.
On the Chinese mainland, the Shanghai Composite Index finished 0.4% higher.
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