BYD, Alibaba drag Hong Kong stocks as new Covid-19 lockdowns seen hurting China’s manufacturing engine, consumer confidence

Hong Kong stocks fell before a government report this week that may show a slowdown in Chinese manufacturing amid new lockdowns, adding to a sell-off sparked by the Federal Reserve’s hawkish stance on interest rates.

The Hang Seng Index slid 0.9 per cent to 19,843.71 at the local noon trading break, following a 0.7 per cent setback on Monday. The Tech Index slumped 1.7 per cent, while the Shanghai Composite Index dropped 0.6 per cent.