Hong Kong stocks tumble on rating downgrade

Hong Kong stocks sank more than one percent at the start of business Tuesday after Moody’s cut the city’s credit rating, blaming the government’s response to months of sometimes violent protests.

The Hang Seng Index fell 1.20 percent, or 346.53 points, to 28,449.38.

The benchmark Shanghai Composite Index lost 0.32 percent, or 10.00 points, to 3,085.79 and the Shenzhen Composite Index, which tracks stocks on China’s second exchange, dropped 0.25 percent, or 4.65 points, to 1,825.30.