The Hang Seng Index was sent on a wild ride yesterday, ending 201.64 points lower after several negative factors led investors to cash in on early gains.
The blue-chip index ended 1.27 per cent weaker at 15,654.03 points, off an intra-day high of 16,184.3, with properties leading the fall.
Turnover was a record $41.13 billion.
SocGen-Crosby Securities head of Asian sales trading Miles Remington said: 'A couple of European houses, followed by a [US] house, started selling futures very aggressively after lunch. That brought the market down. There was heavy profit-taking in red chips and H shares.' Brokers also said rising interbank rates, fears of a rise in the prime rate and the suspension of four second-line counters fuelled the sell-down.
Poly Investments, Champion Technology, Kong Tai and Chevalier International were all suspended.
The weather was also said to have played a part.
One broker said: 'People thought that the exchange might shut because of the typhoon, so they started to sell their positions.' The day began in bullish fashion as the market drew inspiration from the overnight rise on Wall Street. It was the US market's third consecutive gain of more than 100 points.
