Hong Kong stocks hit their lowest in more than 10 weeks on Wednesday, tracking overnight slump in Wall Street, on concerns of potential rate hikes and policy tightening globally while elevated Treasury yields also dampened risk appetite.
By the midday break, the Hang Seng Index was down 1.9% at 27,954.52, the lowest since Jan. 12, while Chinese H-shares listed in Hong Kong fell 2.18% to 10,868.77.
Mainland shares also extended losses, with the Shanghai Composite index down 1.22% at 3,369.78 points while the blue-chip CSI300 index dropped 1.39%.
Leading the declines in mainland, the CSI300 transportation index and CSI300 resource index dropped 4.3% and 4.1%, respectively.
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.04% while Japan’s Nikkei index was down 1.57%.