Hong Kong stocks close lower on Monday

Hong Kong's stock market ended lower Monday with the benchmark Hang Seng Index down 1.35 percent to close at 25,408.46 points.

The Hang Seng China Enterprises Index fell 0.54 percent to end at 8,581.46 points, and the Hang Seng Tech Index fell 0.12 percent to end at 4,941.73 points.

"The Hang Seng shed 1.4 percent - and if you break it down sector by sector, it's pretty much the same as the Chinese mainland - almost everything bad, except for oil and coal stocks. Oil extractor CNOOC and coal producer China Shenhua Energy each rose about 3.3 percent," said Timothy Pope, a market analyst for China Global Television Network (CGTN).

"And with fuel prices so unstable at the moment, it's turned out to be quite a good moment for China's BYD to release its newest fast charging EV battery, which it did late last week. They say it can fully charge in something like nine minutes. My phone can't even do that. Anyway BYD stock added more than three percent in the wake of that announcement and a number of other Chinese EV makers were up quite strongly, too. Li Auto was one of those, and we'll get a little bit more on Li Auto later in the week as they're expected to release their latest earnings on Thursday," said the analyst.

Hong Kong stocks close lower on Monday

China will raise its retail prices of gasoline and diesel from Tuesday, following a sharp rise in international oil prices, the country's top economic planner said on Monday.

Gasoline and diesel prices will increase by 695 yuan (about 100.5 U.S. dollars) and 670 yuan per tonne, respectively, according to a statement released by the National Development and Reform Commission (NDRC).

The NDRC's price monitoring center said that developments in the Middle East will be the key factor influencing global oil price trends in the period ahead.

China's three biggest oil companies -- the China National Petroleum Corporation, the China Petrochemical Corporation, and the China National Offshore Oil Corporation -- and other refineries have been directed to maintain production and facilitate transportation to ensure stable supplies.

Relevant departments in various regions should intensify their market supervision and inspection efforts. They should implement strict measures to crack down on activities that violate national pricing policies to ensure market order, the NDRC said.

China to raise gasoline, diesel retail prices