Fears Of US Rate Hike Hits Hong Kong Stocks

Hong Kong shares ended the morning session in the red on Wednesday, tracking fresh losses on Wall Street, with technology firms among the worst hit by a sell-off in their US counterparts.

The Hang Seng Index slipped 0.8 percent, to 30,378 by the break.

On the mainland, the benchmark Shanghai Composite Index lost 0.3 percent, to 3,119, but the Shenzhen Composite Index edged up 0.1 percent, to 1,806.

Most other Asian markets went into reverse as investors fret about rising US Treasury yields and speculation that interest rates will rise four times this year.

Tokyo ended the morning session 0.7 percent lower as a weaker yen was unable to provide support, while pharmaceutical giant Takeda plunged more than 6 percent after it ramped up its offer for Irish rival Shire.

Singapore dropped 0.7 percent, Seoul was 1 percent off and Taipei lost 0.8 percent.

Sydney and Wellington were closed for ANZAC day.

Technology firms were once again in the firing line in response to a plunge in Google parent Alphabet on costs worries while Apple suffered a fifth straight loss because of worries over the crucial smartphone sector.

Hong Kong-listed AAC Technologies tumbled 3.5 percent, Apple supplier TSMC shed 1.1 percent in Taipei and South Korean titan Samsung tumbled 1.8 percent. (AFP)

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