Hong Kong Market tumbles on fears of interest rates hike

The Hong Kong stock market declined further in volatile trading on Friday, 15 January 2016, as sell orders fueled amid lingering concern about the Chinese government's ability to manage the economic slowdown and yuan devaluation. Hong Kong dollar dropped to the lowest level against the U.S. dollar in four years on Thursday, raising concerns of sustained capital outflows. The Hang Seng Index (HSI) opened down 35 points at 19,781 and saw it losses widen after China released its December credit data. Meanwhile, USD/HKD continued its spike, triggering woes of capital outflows from HK. The HSI fell as much as 317 points at one stage to an intra-day low of 19,500. The benchmark Hang Seng Index has lost 296.64 points, or 1.5%, to 19520.77 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, sank 223.35 points, or 2.64%, to 8236.28 points. Turnover reduced slightly to HK$73.7 billion from HK$75.4 billion on Thursday.

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