Shanghai Stock Exchange Closes with 4.95% Losses, Hong Kong Sinks More Than 6%

The Hong Kong stock exchange fell by more than 6% on Tuesday, while the Shanghai stock exchange ended with losses of 4.95%, harmed by the sharp decline in technology values following the lockdown of the Chinese city of Shenzhen, a technology hub.

Markets also reacted to possible sanctions against China if Beijing responds to Russia's request for military and economic aid for the war in Ukraine.

In Hong Kong, the Hang Seng Index lost 6.20% to 18,320.53 points.

In mainland China, the Shanghai Stock Exchange fell 4.95% to 3,063.97 points, while Shenzhen, the country's second stock exchange, fell 4.56% to 2,013.37.

Prices had risen slightly late Tuesday morning, driven by news of an unexpected spike in Chinese retail sales in January and February and renewed investor interest in bearish values. However, in the afternoon traders got rid of risky assets.

On Monday, the Hong Kong stock exchange had fallen by almost 5%, and the technology stock index fell by about 11% after the lockdown of Shenzhen's 17 million inhabitants.

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