Chinese markets often don’t follow global trends, but they also tumbled. Hong Kong’s Hang Seng dropped 12.4% to 20,022.82, while the Shanghai Composite index lost 8.4% to 3,059.94. In Taiwan, the Taiex plummeted 9.7%.
Markets were closed Friday in China and Kenny Ng Lai-yin, a strategist at Everbright Securities International, said the big movements might reflect some catching up from Friday’s declines.
E-commerce giant Alibaba Group Holdings fell 9.9% and Tencent Holdings, another tech giant, lost 13%.
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