Hong Kong stocks sank on Monday, mirroring Wall Street’s retreat, as risk sentiment remained fragile after a choppy end to last week that also dragged down precious metals.

The Hang Seng Index declined 2.8%, while the Hang Seng Tech Index dropped 4%.

In terms of star stocks, BYD and XPeng fell 8%; NIO and SMIC fell 6%; Bilibili fell 5%; Kuaishou, Alibaba, Baidu, and Li Auto fell 4%; NetEase, Xiaomi, Meituan, Laopu Gold, and Mixue Group fell 3%; JD.com and Tencent fell 2%.

Sentiment weakened as losses spread from US equities to precious metals, with gold and silver retreating after a sharp speculative run-up. The S&P 500 Index fell 0.4 per cent and the Nasdaq lost 0.9 per cent on Friday in the US. Gold fell 4 per cent, extending its decline after suffering its steepest drop in more than a decade on Friday, while silver slid 1.8 per cent following a 26 per cent slump in the previous session.