Hong Kong: Stocks close down more than 3%

HONG Kong stocks closed sharply lower on Thursday (Nov 3) as Asian markets tracked a plunge on Wall Street that came after US Federal Reserve chair Jerome Powell indicated interest rates would go higher than expected to fight inflation.

The Hang Seng Index sank 3.08 per cent, or 487.68 points, to 15,339.49.

The losses ate into the previous two days’ big gains, which came on the back of speculation China was planning to roll back some of its painful zero-Covid policies.

Adding to the selling was confirmation from Beijing’s health authority that it intended to stick to the strategy.

The Shanghai Composite Index lost 0.19 per cent, or 5.56 points, to 2,997.81, while the Shenzhen Composite Index on China’s second exchange was marginally down, inching 0.82 points down to 1,967.38. AFP