hong kong stocks sank more than three percent monday in line with a selloff across asian markets on fears authorities will impose fresh lockdowns in shanghai to control a fresh covid outbreak in china the hang seng index lost 306 percent or 66578 points to 2106000 in the afternoon shanghai recorded more than 120 virus cases at the weekend having seen its first case of the highly contagious ba5 omicron strain forcing officials to launch another mass testing drive with china fixated on its zerocovid strategy of wiping out the disease there is increasing concern that authorities will revert to another painful lockdown with shanghai residents having only emerged from a twomonth confinement in june there have also been new infections uncovered in other parts of the country including beijing tech firms were also suffering hefty selling pressure after authorities fined giant tencent and alibaba over not propertly reporting past deals and macau casino operators were also sharply lower after officials in the city embarked on a weeklong lockdown to curb its worst coronavirus outbreak mainland markets also closed well down the shanghai composite index sank 127 percent or 4249 points to 331358 while the shenzhen composite index on chinas second exchange lost 147 percent or 3256 points to 218734