Department store stocks were hammered on the first trading day after the mainland’s week-long Lunar New Year break amid concerns that Beijing’s crackdown on “gift giving” may further hurt high-end retail sales.

Leading the sales plunge was Intime Department Store, which fell 3.7 per cent to HK$ 10 yesterday. Jiangsu-based Golden Eagle Retail dropped 3.1 per cent to HK$ 15.54 while Parkson Retail, Lifestyle International and New World Department Store China slid between 0.6 per cent and 1.1 per cent, compared to a 0.27 per cent dip in the benchmark Hang Seng Index.