Hong Kong stocks close sharply lower

• Hong Kong stocks join global sell-off as US inflation data fuels Fed rate hike fears.
• Hang Seng index falls 3.39 percent or 738.60 points.
• Shanghai Composite Index slides 0.89 percent, or 29.28 points, to 3,255.55.

Hong Kong stocks fell on Monday, joining a global sell-off, as a forecast-beating increase in US inflation fueled concerns about an aggressive Federal Reserve rate hike campaign.

Read More: Hong Kong stocks finish sharply higher

To 21,067.58, the Hang Seng Index fell 3.39 percent or 738.60 points.

The Shanghai Composite Index slid 0.89 percent, or 29.28 points, to 3,255.55, while the Shenzhen Composite Index fell 0.21 points to 2,085.10 in China’s second market.

Previously in Hong Kong

Hong Kong stocks rose in lockstep with global markets, boosted by a jump in IT businesses fueled by reports that China’s assault on the sector may be coming to an end.

The Hang Seng Index climbed 2.24 percent, or 482.92 points, to 22,014.59.

Read More: Hong Kong stocks end with steep losses