Hong Kong stocks tumbled Friday as higher U.S. Treasury yields and rising oil prices weighed on investor sentiment after the market reopened from a holiday.

The Hang Seng Index fell 640.98 points, or 2.6%, to close at 23,972.29, while the Hang Seng China Enterprises Index dropped 189.54 points, or 2.3%, to 8,030.54.

The decline made Hong Kong the weakest major market in Asia as investors also remained disappointed by China's latest stimulus measures.

Global bond markets came under renewed selling pressure, pushing borrowing costs in the U.S., France and Japan to multi-decade highs. Oil prices also settled sharply higher as U.S.-Iran talks to end the war remained stalled, keeping the Strait of Hormuz only partly open and raising concerns about global supply.

Among individual stocks, XPeng (HKG:9868) fell 4% after reporting September deliveries of 41,256 vehicles, up 5% from August. Third-quarter deliveries rose 15% from the previous quarter to 118,390 vehicles.

First Pacific (HKG:0142) fell more than 1% after its unit Metro Pacific Investments agreed to buy an additional 1.9% stake in Manila Electric for $198.4 million, raising its ownership to 49.4%.