SHANGHAI – Hong Kong shares posted their biggest monthly loss in 14 years as the city’s benchmark lost 14.7 percent in October.  

The Hang Seng Index fell 1.2 percent on Monday to the lowest level since early 2009, the depth of the Global Financial Crisis. Listed mainland developers tumbled as much as 7 percent to a new closing low, as a slump in struggling developer Longfor Group further dented fragile confidence in the sector.

But the Hang Seng Tech Index rebounded 1.1 percent.

Meanwhile, the biggest Hong Kong-focused ETF witnessed massive inflows in recent weeks.

"While the Hang Seng can see further downside, this is a time when excessive pessimism doesn't help anyone and starts to disagree with our contrarian-self," wrote Hao Hong, chief economist at Grow Investment Group.