Hong Kong blue chips closed deep in the red today in the wake a correction on Wall Street and also heavy selling in Asian markerts.
The benchmark Hang Seng Index plunged by 648.69 points, or 2.42 percent at 26,129.93. The HSI was deep in negative territory from the open. On occasion, the index dived by more than 700 points.
In mainland China, the Shanghai Stock Exchange Composite Index lost 3.71 percent, or 111.03 points at 2,880.30. The Shenzhen Stock Exchange Composite Index fared worse. It fell by 4.93 percent, or 93.39 points at 1,801.75.
Confidence was shaken as the S&P 500 fell by 4.4 percent on Thursday to 2,978.76. The Dow Jones Industrial Average shed 1,190.95 points, its largest one-day point drop in history, bringing its loss for the week to 3,225.77 points, or 11.1 perent.
To put that in perspective, the Dow’s 508-point loss on October 19, 1987, was equal to 22.6 percent.
