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Hong Kong: Shares suffer biggest fall in 3 weeks

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[SHANGHAI] Hong Kong stocks posted their biggest one-day decline in three weeks on Wednesday, as Asian markets fell on profit-taking after strong US housing data overnight was seen as increasing the chances of an interest rate hike in coming months.

The Hang Seng index fell 0.8 per cent, to 22,820.78, while the China Enterprises Index also lost 0.8 per cent, to 9,507.09 points.

The market hit nine-month highs last week as yield-seeking investors ploughed money into relatively cheap Hong Kong shares, but the rally is taking a pause this week as investors await a speech by Fed Chair Janet Yellen on Friday, hoping for more clues on policy.

Nearly all sectors fell, with financials and property stocks leading the decline.