Hong Kong stocks fell for a fourth day, dragging the benchmark index below the 17,000 mark for the first time in 11 years. Concerns about China’s economic slowdown deepened as Beijing squashed hopes for an imminent reversal of its zero-Covid policy. The Hang Seng Index retreated 2.2 per cent to 16,832.36 at the close of Tuesday trading, bringing the cumulative four-day slide to 6.9 per cent. The Tech Index weakened 3.6 per cent, while the Shanghai Composite Index climbed 0.2 per cent. Stocks in Japan, South Korea and Taiwan sank. Alibaba Group tumbled 3.4 per cent to HK$76 and Meituan sank 6.1 per cent to HK$151.40. Developer Longfor Group lost 8.5 per cent to HK$20 and Country Garden slumped 9 per cent to HK$1.61. Carmaker Geely Auto and peer BYD lost at least 0.4 per cent. The zero-Covid policy is sustainable and the country must stick to the regime, which is key to economic stability and protection of lives, the People’s Daily, the Communist Party’s mouthpiece, said in a commentary on Tuesday. The editorial came as the nation logged almost 2,000 new coronavirus infections on Monday and the party assembles for its national congress this weekend. “Hong Kong stocks will continue to be in the doldrums, given the Covid resurgence and policy tightening overseas,” said Zhang Yidong, a strategist at Industrial Securities in Shanghai. “The flare-up in the pandemic and a slumping property market will make it harder for the economy to rebound this time.” Shanghai has doubled down on Covid tightening measures, requiring all arrivals to take three nucleic acid tests within three days, as China’s biggest commercial city with about 25 million residents reported one new infection outside quarantine on Monday. Most investors see Chinese stocks as unattractive, hold bearish views on property market and yuan weakness, BCA survey shows The Hang Seng Index tumbled 21 per cent last quarter, the worst performance since 2011. Losses in the 73-member index have contributed to the broader US$1.5 trillion rout across the local stock market this year, according to Bloomberg data. Local stocks slumped 3 per cent on Monday after a stronger-than-expected US jobs report on Friday strengthened bets on another jumbo rate hike in November. US consumer prices probably rose 8.1 per cent in September from a year earlier, versus 8.3 per cent in August, according to economists, before a government report on Thursday. Global funds are pulling out from Asia faster than during the 2008 crisis Contemporary Amperex Technology, China’s biggest maker of lithium-ion batteries for electric vehicles, jumped 6 per cent to 416.30 yuan in Shenzhen. Net income for the first nine months probably surged by as much as 132 per cent from a year earlier, the company said in a filing. Suzhou K-Hiragawa Electronic Technology, a maker of battery devices, surged by 44 per cent to 49.94 yuan on its first day of trading in Shanghai. Bide Pharmaceutical slid 23 per cent to 67.41 yuan on its debut. Other key markets in Asia declined. Japan’s Nikkei 225 and South Korea’s Kospi fell at least 1.8 per cent while Taiwan’s Taiex slumped 4.4 per cent.