HK Stocks Plummet as Fed Rate Hike Fears Mount

Hong Kong's stock market started Monday on a weaker note, with the Hang Seng Index falling by 226 points to 25,428. This decline is attributed to investor sentiment weakening after stronger-than-expected US employment data.

The data has strengthened expectations of a Federal Reserve interest rate hike this month, which can weigh on risk-sensitive assets like Asian equities.

Xiaomi was among the major decliners, with its shares dropping about 3.9% due to increased prices for some smartphone models and its ongoing Class B share buyback programme.