Chinese and Hong Kong shares gave up gains to close down on Monday, declining for a fourth straight day, as global markets slid on overseas monetary tightening and recession worries.
** The blue-chip CSI 300 Index closed down 0.5%, while the Shanghai Composite Index lost 1.2%.
** The Hang Seng Index ended lower 0.4%, hovering around nearly 11-year lows, while the Hang Seng China Enterprises Index added 0.4%.
** China's central bank announced steps to slow the pace of the yuan's recent depreciation by making it more expensive to bet against the currency.
** China's yuan, however, touched a 28-month low against the dollar, only steps away from its downside trading limit, despite the central bank's move.
** Foreign investors bought more than 4.2 billion yuan ($590 million) of Chinese stocks through the stock connect scheme on Monday, following four straight sessions of net selling.
** Shares in energy and resource companies slumped 3.5% and 3.3%, respectively on concerns of falling demand in a global recession.
** Tourism-related stocks jumped 2.7%, and liquor makers went up 1.8%. An index representing Macau casino operators soared more than 10%.
** Macau's leader said China would resume an e-visa scheme for mainland travellers and permit group tours, which could likely boost the footfall in the world's biggest gambling hub.
** Sands China Ltd jumped 15.7%, while SJM Holdings Ltd and Wynn Macau surged more than 11% each.
** Meanwhile, Hong Kong scraped its controversial COVID-19 hotel quarantine policy for all arrivals, in a long-awaited move for many residents and businesses in the financial hub.
** "Risk appetite will remain low and investor sentiment is hard to be boosted in the near term," Huaan Securities said in a note. "It all depends on when the U.S. stock market will stop falling and stabilise."
** Hong Kong shares of HSBC Holdings, an index heavyweight, tumbled 7.6%, weighing on the Hang Seng benchmark .
** Sterling slumped to a record low, prompting speculation of an emergency response from the Bank of England, as confidence evaporated in Britain's plan to borrow its way out of trouble.
** Tech giants listed in Hong Kong finished up 1.6%, with food-delivery giant Meituan surging 4.5%. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu and Uttaresh.V)