Stock Market

Hong Kong shares closed down 4.8 percent on Monday, with the benchmark index dragged lower by a 24 percent plunge in HSBC as the global lender headed towards its deeply discounted rights issue this week. HSBC sank deeper in the post-close auction period to end down HK$10.5 at HK$33 after a fund sold 11.9 million shares, two brokers told Reuters.