Hong Kong stocks slumps

Hong Kong stocks slumped to a four-month low, tracking Asian markets, after the US Federal Reserve raised interest rates and rate-path projections. The benchmark Hang Seng index extended early losses to end down 1.8 percent, at 22,059.40 points. The Hong Kong China Enterprises Index lost 2.3 percent, to 9,479.16 points. The market lost ground across the board, with the energy sector, raw materials and real estate shares falling more than 2 percent at the close.
Property shares lost favour with investors after Hong Kong raised the city's base rate by 25 basis points, thanks to the Hong Kong dollar's peg to the greenback.