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.

hang seng index massive fall
Photo: Sina Finance News.

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.

Vivienne Zeng is a journalist from China with three years' experience covering Hong Kong and mainland affairs. She has an MA in journalism from the University of Hong Kong. Her work has been featured on outlets such as Al Jazeera+ and MSNBC.