Hong Kong stocks in turmoil as investors panic

Hong Kong’s Hang Seng Index (HSI) closed below 16,000 points for the first time in two years on Wednesday as the escalating financial crisis sparked selloffs throughout Asia, the South China Morning Post reported. The HSI closed down 8.17% at 15,431.73 while the H-share index fell 11.46% to 7,452.74. It was the second-biggest loss this year for the two indices. Mainland companies accounted for eight of the top 10 blue chip losers. Aluminum Corp of China posted a 19.76% deficit, followed by Cosco Pacific with a 17.05% loss. Oil companies CNOOC and PetroChina fell 14.25% and 14.05% respectively. The Shanghai and Shenzhen markets fell for a third day, led by financial companies. The Shanghai Composite Index fell 3% to 2.092.22 while the CSI 300 Index, which tracks A-shares on both bourses, closed down 3.9% at 2,022.88.