Hong Kong stocks slipped 2.19 per cent on Thursday amid concerns over the future of the US Federal Reserve’s monetary easing policy as well as the state of mainland China’s economy.
The benchmark Hang Seng Index fell 467.62 points to 20,887.04 on turnover of HK$87.74 billion (US$11.32 billion).
“Selling orders in the market are very strong,” said Castor Pang, head of research at Hong Kong brokerage Core Pacific-Yamaichi. “We don’t know where the bottom is yet.”
Concerns surrounding the mainland’s slowing economy weighed on Chinese companies listed in the city.
China Construction Bank dropped 3.20 per cent to HK$5.53, while China Mobile shed 3.25 per cent to HK$76.00 and Bank of China was down 2.15 per cent at HK$3.19.
Yifan Hu, head of research and chief economist at securities firm Haitong International, said she saw the economic situation in China as “very urgent”.
“Both the fundamentals and sentiment are very weak,” Hu said.