NEAR panic-selling in property sector stocks drove the index down 3.1 per cent to send it crashing below 9,000 yesterday in heavy trading.
The Hang Seng Index, which dived 286.42 points to 8,934.59, has lost seven per cent, or 666 points, since last Thursday when it stood at 9,600.63.
Volume was $4.86 billion, reflecting strong overseas selling. Share turnover was 800.49 million in 36,706 deals.
Heavy foreign sell orders at the opening saw the index plunge 360 points in the first 90 minutes as panic-struck institutions exited their positions.
The selling pressure was particularly strong from European institutions, which have been traditionally long-term supporters of the market.
The looming threat of an interest rate increase today offered no comfort to investors caught long in property stocks.
