Hong Kong stocks suffer another sell-off as Alibaba drags Chinese tech lower while Omicron, Evergrande stoke risk aversion

Hong Kong stocks fell to more than 14-month low as Alibaba Group Holding slumped amid a management reshuffle. The spread of Omicron variant and concerns about growing debt default risk among Chinese developers also shook market confidence.

The Hang Seng Index retreated 1.3 per cent to 23,466.39 at the local noon break, the lowest level since September last year. The Tech Index sank 2.7 per cent, while China’s Shanghai Composite Index gained 0.3 per cent.