Asian stocks fell on Monday as US renews tension with China

Asia stocks fell on Monday, as reigniting tensions between the U.S. and China weighed on investor sentiment, with major regional markets closed for holidays.

Hong Kong’s Hang Seng index dropped 4.18 percent to close at 23,613.80, with shares of Chinese tech juggernaut Tencent falling 4.08 percent.

Meanwhile, South Korea’s Kospi fell 2.68 percent to close at 1,895.37. Singapore’s Straits Times index dropped 2.15% while the Nifty 50 in India plunged 5.34 percent in afternoon trade.

In Australia, the S&P/ASX 200 bucked the overall trend as it recovered from its earlier slip to close 1.41 percent higher at 5,319.80. Shares of major bank Westpac gained 2.8 percent despite the firm earlier announcing a profit plunge in its first half earnings and a deferral in its dividend payment.

Overall, the MSCI Asia ex-Japan index declined 2.54 percent.

Markets in China, Japan and Thailand were closed on Monday for holidays.