SHANGHAI – Hong Kong stocks dropped to a near 11-year low on Thursday as another hefty US interest rate hike hurt risk appetite. 

Hong Kong equity benchmark Hang Seng fell 1.6 percent to 18,147.95, the lowest closing level since Dec 20, 2011.

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Stocks across growth and other vulnerable sectors fell after the Hong Kong Monetary Authority hiked rates in line with the US Federal Reserve.

The Hang Seng Tech Index lost 1.7 percent to hit a six-month low. Electric-car makers including Xpeng Inc, Nio and Li Auto fell sharply.

Property shares lost 1.4 percent, while financial shares declined 1.9 percent.

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