Hong Kong Stocks Close Sharply Down

Hong Kong shares ended with steep losses Wednesday, hit by concerns over the long-term economic impact of the coronavirus crisis.

The Hang Seng Index fell 2.2 percent, or 517 points, to 23,085.

Market turnover was HK$131 billion.

Heavyweight HSBC fell just over 9.5 percent, and Standard Chartered was down 7.6 percent -- this after the banks scrapped dividends and warned of a severe impact on revenues.

HSBC's sister bank, Hang Seng, shed 3.9 percent.

Across the border, the benchmark Shanghai Composite Index was down over half a percent, while the bluechip CSI300 was down 0.3 percent. This was despite fresh data that suggested the world's number two economy was slowly grinding back to work after an extended lockdown.

Elsewhere in the region, Japan's Nikkei was down 4.5 percent, South Korea dropped 3.9 percent, and Taiwan was down nearly half a percent. Australia however had another upbeat day, gaining nearly 3.6 percent. (Additional reporting by AFP)