HONG KONG: Hong Kong stocks fell by more than 3 percent on Friday morning on US rate fears and following a massive sell-off from Wall Street.
The Hang Seng Index dropped by 3.31 percent, or 688.36 points, to 20,105.04.
The sell-off was New York’s worst since 2020, and sent jitters across US markets.
The Nasdaq – dominated by tech firms particularly sensitive to higher rates – lost five percent while the Dow and S&P 500 fell more than three percent.
Traders were scared off by even a suggestion of fierce monetary tightening by the US central bank, which is struggling to contain inflation running at a more than four-decade high.