The Hang Seng Index saw its biggest points fall ever in afternoon trading on Wednesday, losing 2,139 points at one point before regaining some ground to close at 23,516.56. The HSI stood at 22,836.82 at its lowest at around 3:30pm. The market closed 1,458.75 points, or 5.84 per cent, down on a turnover of HK$235.9 billion.
Speaking after market closed, Chan Ka-keung, Acting Financial Secretary, said the massive slide was due to deleveraging in China’s A-shares market and uncertainties regarding the Greek debt crisis. Chan stressed the city’s financial system is functioning smoothly and foreign exchange rates are stable. Chan vowed to stay vigilant in monitoring the market, adding Hong Kong has experience in managing market fluctuations.
Across the border, the Shenzhen Component Index dropped 334.72 points, or 2.94 per cent, to 11,040.89 while the Shanghai Composite Index slumped 219.93 points, or 5.9 per cent, to 3,507.19.
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