Recession fears send local stocks tumbling
Hong Kong shares plunged on Wednesday as investor fears over a possible recession returned to world markets, fuelled by central bank interest rate hikes aimed at reeling in runaway inflation. The Hang Seng Index tumbled 2.56 percent, or 551.25 points, to close at 21,008.34. The Shanghai Composite Index shed 1.20 percent, or 39.52 points, to 3,267.20, while the Shenzhen Composite Index on China's second exchange lost 1.28 percent, or 27.47 points, to 2,119.82. (AFP)