China's biggest gap since November, 2008 in Hong Kong market after Xi Jinping's government

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Ahmedabad: Hong Kong stock market investors are holding their breath as the government under the leadership of Xi Jinping is again formed in China more strongly. On Monday, the Hong Kong market saw its biggest drop since November 2008. Hong Kong's benchmark index slipped below the 16,000 level for the first time in 13 years as President Xi Jinping vowed to form a stronger government with allies and make no concessions to private business.

The Hang Seng index fell 6.4 percent to 15,180.69 in late trading on Monday, its lowest level since April 2009. The biggest crash since November 2008 was seen in the index on Monday. For the third time this year, the index has broken more than 1000 points. Yesterday's top tech index fell 9.7 percent while the Shanghai Composite index fell 2 percent.

Alibaba Group and Tencent Holdings were the biggest losers in this heavy sell-off. Both shares fell 11.4 percent to close at six-year lows of HK$61.65 and HK$206.20, respectively. The metuian fell 14 percent to 121.90 Hong Kong dollars.

Chinese developer Longfor Group fell 15 percent to HK$16.22 and Country Garden Services fell 14 percent to HK$8.15.

According to exchange data, foreign investors sold a record 17.9 billion yuan or $2.5 billion in onshore stocks through the Stock Connect trading link.

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