Local shares ended the day in the red on Monday, following a thin day of trading as investors booked profits while markets on the mainland and in Japan were closed.
The Hang Seng Index began the first trading day of May down 64 points, and kept on sliding throughout the day.
It lost as many as 468 points before closing 367 points, or 1.3 percent, lower at 28,357. Market turnover was HK$95.8 billion.
Financials led losses on the benchmark, with HSBC sinking 3.3 percent, and Ping An Insurance and AIA retreating about 2.5 percent each.
The day’s biggest loser was Mengniu Dairy, which dived 3.5 percent.
Mainland oil giant Sinopec bucked the trend, adding 1.3 percent.
Markets across the border are closed until Wednesday, for the Labour Day golden week.
Elsewhere in Asia, South Korea’s Kospi gave up two-thirds of a percent, Taiwan declined almost two percent, Singapore lost one percent and Australia was marginally higher.