HONG KONG: Hong Kong stocks tumbled more than three percent Wednesday as world markets were whipped by fresh recession fears fuelled by central bank interest rate hikes to fight inflation, while traders are also worried about rising tensions between Russia and the West.

The Hang Seng Index plunged 3.41 percent, or 609.43 points, to 17,250.88, with tech firms and property developers leading the rout.

Hong Kong stocks eke out small gains by close

The Shanghai Composite Index shed 1.58 percent, or 48.80 points, to 3,045.07, while the Shenzhen Composite Index on China’s second exchange lost 2.57 percent, or 51.14 points, to 1,938.26.