Hong Kong stocks fell by the most in two weeks on global risk aversion as the fifth wave of Covid-19 infections in the city worsened and the US warned Russia could invade Ukraine at any time in the coming week. Crude oil rally aided producers. The Hang Seng Index slipped 1.4 per cent to 24,556.57 at the close of Monday trading, a second day of loss. The Tech Index retreated 1.7 per cent while China’s Shanghai Composite Index declined 1 per cent. Alibaba Group Holding, the owner of this newspaper, lost 3 per cent to HK$118.70 as the e-commerce group prepares to report its third-quarter earnings on February 24. Meituan tumbled 3.6 per cent and Tencent Holdings slid 1.1 per cent. NetEase and JD.com sank by more than 3 per cent. The US has warned that Russia could attack Ukraine at any time before the end of the Winter Olympics, which concludes in Beijing on February 20. The tensions sparked concerns about supply, fanning a rally in crude to US$93.83 a barrel, the highest since September 2014. Alibaba’s share price rebound faces test as quarterly earnings release draws closer PetroChina gained 2.7 per cent to reach the highest since September 2019, while CNOOC rose 0.1 per cent. Despite recent gains, the Hang Seng “remains plagued by Russia-Ukraine tensions this week and is expected to fluctuate,” Eric Chong, research manager at Chief Group in Hong Kong, said in a note on Monday. Major markets in the Asia-Pacific region saw steep losses with benchmarks in Japan and South Korea sinking by more than 1.6 per cent while Australian equities rose 0.4 per cent. Hong Kong recorded more than 6,500 cases last week versus 1,042 in the preceding week, prompting officials to consider tougher measures including possible rolling “district lockdowns ” to control the outbreak and conduct mass screening. Elsewhere, Contemporary Amperex jumped 3.7 per cent in Shenzhen, the most in two weeks, after the Chinese electric-car battery maker filed a police report over the weekend to counter “vile rumours” about its business, including removal from the ChiNext index and a breakdown in talks with its client Tesla. CATL crashed 17 per cent last week, the most in a year. Its slump since late last year was the biggest drag on the CSI300 as the local benchmark plunged into bear market last month.