Hong Kong stocks sank at the open of business on Thursday

Hong Kong stocks sank at the open of business Thursday on lingering worries that surging inflation and interest rate hikes will tip economies into recession.

The Hang Seng Index tumbled 1.70 percent, or 280.49 points, to 16,230.79, reports BSS.

The Shanghai Composite Index slipped 0.50 percent, or 15.07 points, to 3,029.30, while the Shenzhen Composite Index on China’s second exchange fell 0.63 percent, or 12.52 points, to 1,969.32.