HONG KONG: Hong Kong stocks fell on Thursday, bucking a rally across world markets, as another interest rate hike by the Federal Reserve forced the city’s central bank to lift its own borrowing costs and put pressure on its already stuttering economy.

The Hang Seng Index dropped 0.23 percent, or 47.36 points, to close at 20,622.68.

Hong Kong stocks drop ahead of Fed

The Shanghai Composite Index added 0.21 percent, or 6.82 points, to 3,282.58, while the Shenzhen Composite Index on China’s second exchange gained 0.40 percent, or 8.70 points, to 2,203.24.