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  • Hong Kong Market tumbles 1.6%

    22-Sep-2022 | 17:14

    Hong Kong share market finished session lower on Thursday, 22 September 2022, on lingering concerns over the economic impact of Chinas zero-COVID policy and as the U.S. central banks aggressive rate hikes. Meanwhile, selloff pressure fueled further as the Hong Kong Monetary Authority raised its base rate charged through the overnight discount window by three-quarters of a percentage point to 3.5 percent.

    At closing bell, the benchmark Hang Seng Index stumbled 296.67 points, or 1.61%, to 18,147.95. The Hang Seng China Enterprises Index dropped 71.26 points, or 1.14%, to 6,195.90.

    The Hong Kong Monetary Authority (HKMA) on Thursday raised its base rate charged through the overnight discount window by 75 basis points (bps) to 3.5%, hours after the U.S. Federal Reserve delivered a rate hike of the same margin. Hong Kongs monetary policy moves in lock-step with the United States as the citys currency is pegged to the greenback in a tight range of 7.75-7.85 per dollar. The Fed delivered its third straight rate increase of 75 bps on Wednesday and signalled borrowing costs would keep rising, underscoring the U.S. central banks resolve not to let up in its battle to contain inflation.

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