Asia was looking for direction at the beginning of a new trading week. Hong Kong at an 11-month low

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Asian stock markets entered the new trading week very uncertainly. It traded in only a few places because stock exchanges in China or Japan were closed due to public holidays.

In fact, Hong Kong became the center of Monday’s trading. But stocks on the local stock exchange experienced huge sell-offs and the Hang Seng index weakened by 3.34 percent. It was the deepest daily decline in almost two months. In addition, the Hong Kong Stock Exchange reached its lowest level in eleven months.

Real estate and development titles pushed the stock market the most. The sub-indices mapping this market segment lost more than six percent. “The mood on the Hong Kong Stock Exchange is very fragile,” Dickie Wong, an analyst at Kingston Securities, told Reuters. Investors are said to be afraid of the risks of the fall of some Chinese developers.

Trading in Mumbai, India, was less dramatic. Shares there were looking for a clear direction to end up 0.04 percent weaker than Friday. Shares of metalworking companies weakened significantly, while shares of companies in the consumer segment rose. Companies doing business in the hotel industry also strengthened.

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