Tencent Holdings Ltd. sharp decline to start the week, helping lead weakness in technology shares after the U.S.’ move to ban residents from doing business with the company’s WeChat app.

The stock fell as much as 4.6 per cent Monday, approaching Friday’s lowest level, before finishing morning trade down 3.3 per cent. Tencent lost $35 billion of market value to end last week as investors weighed the vaguely worded order from President Donald Trump, which initially triggered fears that it applied to a number of the internet giant’s operations.

Tech stocks in Hong Kong led declines in the city Monday, with the Hang Seng Tech Index falling as much as 3.6 per cent. The sector was also among the weakest performers in China, with the ChiNext Index dropping more than 1 per cent. Suppliers to Apple Inc. saw some of the biggest declines.