Hang Seng sinks below 25,000

Stocks extended losses at midday today just as news broke that China has ordered the closure of the US consulate in Chengdu.

The benchmark Hang Seng Index sank by 461.31 points, or 1.83 percent at 24,801.69.

Shares in Tencent Holdings (0700) are down by 4.58 percent at HK$ 531.50, while Alibaba Group (9988)  shed 2.35 percent at HK$ 240.80.

Almost all blue chips fell.  Hong Kong Exchanges and Clearing (0388) lost 3.72 percent at HK$361.8. Sino Biopharmaceutical (1177) was the worst performer, down by 7.35 percent at HK$10.80. Technology shares dropped. Meituan Diangping (3690) fell by 3.06 percent at HK$192.90. Xiaomi (1810) dropped by 4.14 percent at HK$15.28.

Local developers also fell. Wharf (0004) plunged by 6.81 percent at HK$12.86.

In mainland China, the  Shanghai Stock Exchange Composite Index has skidded by 2.25 percent at 3,250.37. The Shenzhen Stock Exchange Composite Index lost 2.96 percent at 2,184.27.