Hong Kong: Stocks tumble on US Fed rate worries

[HONG KONG] Hong Kong shares suffered more painful losses on Thursday (Jan 27) as global markets were sent spinning after a hawkish US Federal Reserve boss Jerome Powell fanned fears that the central bank will embark on an aggressive period of interest rate hikes to battle inflation.

The Hang Seng Index tanked 1.99 per cent, or 482.90 points, to 23,807.00.

The Shanghai Composite Index dived 1.78 per cent, or 61.42 points, to 3,394.25, while the Shenzhen Composite Index on China's second exchange shed 2.87 per cent, or 66.76 points, to 2,262.41. AFP