Hong Kong: Stocks tumble on rating downgrade

[HONG KONG] Hong Kong stocks sank more than one per cent at the start of business on Tuesday after Moody's cut the city's credit rating, blaming the government's response to months of sometimes violent protests.

The Hang Seng Index fell 1.20 per cent, or 346.53 points, to 28,449.38.

The benchmark Shanghai Composite Index lost 0.32 per cent, or 10.00 points, to 3,085.79 and the Shenzhen Composite Index, which tracks stocks on China's second exchange, dropped 0.25 per cent, or 4.65 points, to 1,825.30.

AFP