Hong Kong stocks tumble on word of mainland shares' freezing

Hong Kong Exchanges and Clearing chairman Chow Chung-kwong said the territory’s bourse would ensure orderly trading and settlement but stop short of intervention after the benchmark Hang Seng Index lost 5.84% (1,458.75 points) in its biggest one-day fall since Hong Kong was hit by the financial crisis in October of 2008, South China Morning Post reported. Despite the index plunging at one point by more than 2,100 points on Wednesday, “we do not have any intention to intervene in the market,” Chow said. Brokers blamed the sell-off in Hong Kong on the dive in mainland markets as panic deepened on news that 51% of Shanghai and Shenzhen shares had voluntarily suspended trading to preempt further losses.