Market sentiments also dampened due to rising Covid-19 cases in mainland China and Hong Kong. Mainland China reported 325 new coronavirus cases on March 7, compared with 327 a day earlier.
At closing bell, the benchmark Hang Seng Index stumbled 1.39%, or 291.76 points, to 20,765.87, the lowest level since July 2016. The Hang Seng China Enterprises Index fell 2.36%, or 174.79 points, to 7,237.80.
Stock markets across the globe were rattled by stagflation prospects on a looming U.S. ban on oil imports from Russia, which sent crude prices soaring. Crude oil prices rose in the Asia trading hours, with International benchmark Brent crude futures gaining 3.38% to $127.37 per barrel. U.S. crude futures climbed 2.92% to $122.89 per barrel.
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