Hang Seng index drops more than 3% as Evergrande shares plunge 10%, other property stocks fall
The Hang Seng index dropped 3.3% to close at 23,099.14. Shares of China Evergrande Group in the city plummeted 10.24%, after falling as much as 17% earlier.
The Hang Seng Properties index dropped to a 52-week low, falling 6.69% on the day.
Over on Wall Street, stocks have struggled in the seasonally weak month of September, with the Dow Jones Industrial Average seeing three straight weeks of losses — its first in 2021.
Investor focus for the week will likely be on the U.S. Federal Reserve’s upcoming September meeting for clues on the central bank’s tapering of its easy monetary policy.
Oil falls 1%
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.368 after a recent jump from below 93.