HONG KONG: Hong Kong stocks extended losses to a second session on Wednesday as a sell-off in global bond markets hit equity markets, while investors awaited China’s Golden Week holiday data.

Stronger-than-expected US job openings data sent the 10-year yield to the highest since 2007, challenging valuations of global equities. Broader Asian stocks sank to 11-month lows on Wednesday.

Hong Kong’s Hang Seng Index dipped 0.78%, and the Hang Seng China Enterprises Index declined 1.12%.

Hang Seng Tech Index tumbled 1.71%.

Market turnover remains low as the China-Hong Kong Stock Connect program is closed for the Golden Week holiday in mainland China.

Meanwhile, all eyes are on China’s holiday demand data, which is expected to see some recovery. However, continued concerns over the property sector may offset some of the optimism.

“The initial days of the holiday showed the service consumption recovery remaining strong,” HSBC economists said in a report, citing government data for the first three days of the holiday period, which showed almost 400 million domestic trips were made, rising 75% year-on-year.

Total domestic tourism revenue for the first three days jumped 125% year-on-year to over 340 billion yuan ($46.57 billion), official data showed.

However, demand for property remains sluggish despite policy easing over the last few months.

Citigroup said September sales for 35 listed property companies tracked by the bank were softer-than-expected.

“As some buyers await more easings shortly, September sales only marginally edged up,” Griffin Chan, property analyst at Citigroup, said in a note.

Xiamen-based China SCE Group became the latest developer that defaulted on its debts. The firm said on Wednesday it will suspend trading in its four dollar bonds and explore a holistic solution to all its debt.

China Evergrande failed to sustain its rally, and slumped 12%. Hong Kong-listed mainland property firms lost 1% and is down 38% for the year so far.