Asian stocks fell on Monday, led by a more than 2 drop in Hong Kong's Hang Seng index, as China's stimulus package disappointed investor expectations.
China on Friday approved a 6 trillion yuan 839 billion plan during a national legislature meeting. The long-anticipated stimulus is designed to help local governments refinance their mountains of debt in the latest push to rev up growth in the world's second-largest economy.
"It's not exactly the growth rocket many had hoped for. While it's a substantial number, the stimulus is less about jump-starting economic growth and more about plugging holes in a struggling local government system," Stephen Innes of SPI Asset Management said in a commentary.
Meanwhile, China's inflation rate in October rose 0.3 year-on-year, according to the National Bureau of Statistics on Saturday, marking a slowdown from September's 0.4 increase and dropping to its lowest level in four months.
The Hang Seng fell 2.2 to 20,270.77, and the Shanghai Composite lost 0.4 to 3,437.90.
