Around the World's Markets: Hong Kong

THE 2 per cent overnight fall in New York dragged the Hang Seng down nearly one per cent to 9,963, in what dealers described as a choppy, directionless day of trading.

A rise in interbank interest rates left financial companies reeling. Hutchinson lost 2.5 per cent to close at HK$52, while HSBC was down 0.3 per cent at HK$186.

In a surprise move after the market the market had shut, Hong Kong banks cut their lending rates by 0.25 per cent.