Hong Kong stocks slide over three percent

December 23rd, 2008 - 3:05 pm ICT by IANS  

Hong Kong, Dec 23 (Xinhua) Hong Kong’s benchmark Hang Seng Index went down 461.71 points or 3.16 percent to 14,160.68 during Tuesday’s morning session. The benchmark Hang Seng Index opened 150.36 points lower or 1.03 percent down, at 14,472.03 Tuesday. However, Chinese shares are expected to get the support on central bank’s cut on loan and deposit rates by 0.27 percentage points.

The rate cut by People’s Bank of China was announced Monday and effective Tuesday. This was the fifth time the bank has cut rates since September in a move to buoy the economy.

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