Hong Kong's Hang Seng Falls 321 Points Midday as Shunyu Optical, Trip.com Plunge 10.3%

Today midday, Hong Kong's Hang Seng Index fell 321 points or 1.37% to 23,090, coming close to the 23,000 level after declining as much as 407 points earlier. U.S. rate hike concerns weighed on sentiment overnight, pressuring regional equities.

Shunyu Optical (02382) and Trip.com (09961) led losses, both plunging 10.3%. The latter reported a 42% profit drop in the first quarter and guided for slower revenue growth in Q2. Tech stocks broadly declined, with Baidu down 3.5%, Alibaba off 4.2%, and Xiaomi falling 3.6%, while property counters found support.