People walk past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange, March 8, 2021. (PHOTO / AP)

Hong Kong shares fell on Monday after the US Senate passed a US$1.9 trillion stimulus bill, raising inflation worries, while a low economic growth target in China prompted fears of tighter policy to rein in lofty valuations.

At the close of trade, the Hang Seng index was down 557.46 points, or 1.92 percent, at 28,540.83. The Hang Seng China Enterprises index fell 2.46 percent to 11,014.79.

At the close of trade, the Hang Seng index was down 557.46 points, or 1.92 percent, at 28,540.83. The Hang Seng China Enterprises index fell 2.46 percent to 11,014.79

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Tech shares slumped 6.4 percent and the IT sector fell 5.91 percent, dragging the broader index lower.

Those falls outweighed gains in energy shares, which rose 1.6 percent on higher oil prices, while the financial sector ended 0.29 percent higher and the property sector rose 0.26 percent.

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About 4.91 billion Hang Seng index shares were traded, roughly 164.4 percent of the market’s 30-day moving average of 2.98 billion shares a day.