World shares were mixed Monday while Hong Kong’s Hang Seng index plunged 5 per cent after the neighbouring city of Shenzhen was ordered into a shutdown to combat China's worst COVID-19 outbreak in two years.
A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index in Hong Kong on March 14, 2022. World shares were mixed Monday while Hong Kong’s Hang Seng index plunged 5% after the neighbouring city of Shenzhen was ordered into a shutdown to combat China’s worst COVID-19 outbreak in two years.
The future for the Dow Jones Industrial Average rose 0.7%, auguring a positive start for the week's trading. The S&P 500 future was 0.5% higher. The Hang Seng index dipped 5.4% but regained some lost ground to close 5% lower at 19,531.66. The exchange's tech index dropped 11%. Infection numbers in mainland China are low compared with other countries and with Hong Kong, which reported more than 32,000 new cases Sunday. But Beijing's “zero tolerance” strategy has led to lockdowns of entire cities to find and isolate every infected person.
On Friday, the S&P 500 fell 1.3% and the Dow industrials lost 0.7%. The Nasdaq composite index gave up 2.2% and the Russell 2000 index of smaller companies slipped 1.6%.
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