HUGE storm clouds of worry, uncertainty and fear triggered an investor sell-off on bad news from Wall Street, local property and China, making yesterday one of the worst trading days of the year. The Hang Seng Index slumped 310.17 points, or 4.26 per cent, on moderate turnover of $3.06 billion. 'You name it, investors were worried about it yesterday,' said a dealer. The market opened in a shaky state at 7,250, down roughly 28 points on the Friday close. Concern focused on the mega falls on Wall Street last week and the meeting of central bankers in Hong Kong at the weekend, to decide policy on defending their currencies against speculators. The Dow Jones industrial Average lost its footing on Thursday, on interest rate fears falling 46 points to 3,882. This was followed on Friday by another slide of 13 points to 3,869. Analysts and dealers on both sides of the Pacific seemed convinced the Federal Reserve would raise domestic United States rates at the end of the month. Adding to the uncertainty investors were selling on continued fears about China paramount leader Deng Xiaoping's health. The market slide to 7,107 where it held for around 40 minutes. Jitters about prospects for the coming land auction on Wednesday, and what this would do for local property prices and stocks, saw more shedding mid-morning taking the index to 7,014.25, down 263 points on the previous close. The full extent of the fall in stocks in Tokyo became apparent over lunch sending more fear pangs into investor sentiment. By the close, the Nikkei 225 was off 1,054.70 or 5.6 per cent to 17,785, its lowest level since January 1994. Within the first 15 minutes of trading in the afternoon the index was off another 67 points to 6,947.64. The index kept sliding to the low of the day of 6,890.08. At the close, a minor recovery from the low set in at 6,967.93. On the current close, the index is on a price earnings ratio of 10.29 on 1994 earnings and 9.01 times on prospective earnings in 1995. The yield is roughly 3.9 per cent in 1994 and 4.6 per cent on prospective earnings in 1995. Financial stocks were worst hit in the sell-off yesterday. The Hang Seng index sub financial index was down 5.75 per cent to 6,157.33. Properties were next in line off 4.19 per cent to 11,284.60. Commerce and industry stocks were off 3.98 per cent to 5,164.74 and the more resilient utilities were 3.07 per cent off at 8,874.08. Baring Securities director James Osborn said the selling appeared to be mostly retail and domestic corporate, with big institutionals staying on the sidelines. Selling was predominantly in three key stocks, HSBC, Hang Seng Bank and Hongkong Telecom. HSBC was off $4 at $71.25 in heavy turnover of $578.6 million, the biggest turnover stock of the day. Hongkong Telecom was off 50 cents to $13.25 on $136.16 million, the fifth biggest turnover of the day. Third in line was Hang Seng Bank, down $3 to $43.90 on $110.9 million. Together these stocks respectively made up 59.5 points, 33.1 points and 31.85 points of index point falls. This represented 40 per cent of the decline. The only stock to hold its ground in the selling was new index constituent Johnson Electric. The stock was unchanged at $16.50.