Hang Seng index tumbles as China destroys investor hopes

Hong Kong's stocks plunged on Wednesday after Chinese government rejected plans for large-scale monetary accommodation strategy. Policy makers claimed there is no intention to repeat massive intervention as it was done in 2008. Hang Seng index tumbled 1.92% or 365.24 points and settled at 18,690.22. Financials drove the index down. Bank of Communications fell 1.4% and China Life Insurance dropped 2.4%. Property companies also contributed negatively with Sino Land declining 1.8% and Sun Hung Kai Properties sinking 1.6%.