Hong Kong and China stocks tumbled on Tuesday as a global market rout intensified, fuelled by worries that a build in inflationary pressures will prompt major central banks to raise interest rates faster than expected. Hong Kong’s benchmark Hang Seng Index plummeted 4.9%, on track for its biggest daily percentage drop since August, 2015. Hong Kong is particularly exposed to US rate moves because its currency is pegged to the US dollar.The HSCE, an index tracking Hong Kong-listed Chinese firms, tumbled over 6%.The market was little helped by a second-day of heavy bargain hunting from Chinese investors, who spent over 4 billion yuan $635.7 million) buying Hong Kong stocks during the morning session.In China, both the Shanghai Composite Index and the blue-chip CSI300 Index fell more than 3%, as did start-up board ChiNext, which touched its lowest level in three years. Chinese markets had bucked the global downdraft on Tuesday.A fresh wave of Chinese companies suspended trading in their shares to avoid margin calls, with investors also spooked by China’s intensified crackdown on shadow banking.Albert Xu, Hong Kong-based strategist at Zhongtai International Securities Limited, said investors had been too complacent and that a correction in global equities was long over-due.”A… Read full this story
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