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| Hong Kong shares hit lowest level since 2009 | Hong Kong shares hit lowest level since 2009 |
| (32 minutes later) | |
| Shares in Hong Kong have slumped to the lowest level since the global financial crisis, after a major speech by the city's leader on Wednesday. | Shares in Hong Kong have slumped to the lowest level since the global financial crisis, after a major speech by the city's leader on Wednesday. |
| The benchmark Hang Seng index fell by more than 3% to its lowest level since May 2009, before regaining some ground. | The benchmark Hang Seng index fell by more than 3% to its lowest level since May 2009, before regaining some ground. |
| Investors are also concerned about the threat of a global economic slowdown as central banks around the world raise interest rates to tackle rising prices. | Investors are also concerned about the threat of a global economic slowdown as central banks around the world raise interest rates to tackle rising prices. |
| One financial expert told the BBC that the "panic selling is ridiculous". | One financial expert told the BBC that the "panic selling is ridiculous". |
| In his first policy address yesterday, Hong Kong's chief executive John Lee announced measures to boost security and plans to attract more overseas talent to the territory. | In his first policy address yesterday, Hong Kong's chief executive John Lee announced measures to boost security and plans to attract more overseas talent to the territory. |
| However, he did not elaborate on economic targets for the city, which has lost ground to rival Asian financial centres like Singapore. | However, he did not elaborate on economic targets for the city, which has lost ground to rival Asian financial centres like Singapore. |
| Hong Kong's economy is currently in a technical recession, after seeing two three-month periods in a row of contraction this year. | Hong Kong's economy is currently in a technical recession, after seeing two three-month periods in a row of contraction this year. |
| Until recently the city had some of the world's toughest coronavirus rules as it followed China's zero Covid policies. | Until recently the city had some of the world's toughest coronavirus rules as it followed China's zero Covid policies. |
| "The Hang Seng has hit a 13-year low and nothing is really helping the fragile sentiment," Dickie Wong, executive director of Kingston Securities said. | "The Hang Seng has hit a 13-year low and nothing is really helping the fragile sentiment," Dickie Wong, executive director of Kingston Securities said. |
| "There's also a sense that tax rebates are not enough to draw foreigners back to Hong Kong," he added. | "There's also a sense that tax rebates are not enough to draw foreigners back to Hong Kong," he added. |
| Hong Kong declines to act on Russian superyacht | Hong Kong declines to act on Russian superyacht |
| Hong Kong to lure tourists with 500,000 air tickets | Hong Kong to lure tourists with 500,000 air tickets |
| Traders were also concerned about the Hong Kong government's "unprecedented silence on key economic indicators," Kelvin Tay, regional chief investment officer at UBS Global Wealth Management said. | Traders were also concerned about the Hong Kong government's "unprecedented silence on key economic indicators," Kelvin Tay, regional chief investment officer at UBS Global Wealth Management said. |
| However, Mr Tay added that investors were mostly concerned about "the economic outlook [of China] and a rise of Covid cases in the middle of the party congress in Beijing". | However, Mr Tay added that investors were mostly concerned about "the economic outlook [of China] and a rise of Covid cases in the middle of the party congress in Beijing". |
| More than 2,000 delegates have gathered this week in Beijing to elect leaders and debate key policies at the Communist Party congress. | More than 2,000 delegates have gathered this week in Beijing to elect leaders and debate key policies at the Communist Party congress. |
| On Sunday, President Xi Jinping is expected to be confirmed for a historic third term as party chief. | On Sunday, President Xi Jinping is expected to be confirmed for a historic third term as party chief. |
| Other stock markets in the Asia-Pacific region were also lower on Thursday, with benchmark share indexes in Japan, South Korea and Australia losing ground. | |
| Meanwhile, the Japanese yen hit a fresh low of 149.96 to the US dollar, its lowest level since August 1990. | Meanwhile, the Japanese yen hit a fresh low of 149.96 to the US dollar, its lowest level since August 1990. |
| That triggered further speculation that Japanese authorities will attempt to prop up the currency for the second time in the space of just a few weeks. | That triggered further speculation that Japanese authorities will attempt to prop up the currency for the second time in the space of just a few weeks. |
| You may also be interested in: | You may also be interested in: |
| Watch: Xi Jinping - Hong Kong has gone from chaos to governance | Watch: Xi Jinping - Hong Kong has gone from chaos to governance |
| Watch: Xi Jinping - Hong Kong has gone from chaos to governance | Watch: Xi Jinping - Hong Kong has gone from chaos to governance |