Hong Kong stocks posted on Wednesday the biggest point drop since late 1997 after hitting all-time high record of 17,369.63 on Monday.

The blue chip Hang Seng Index ended down 1,226.10 points, or 7.18 percent, to close at 15,846.72 Wednesday as an overnight sell-off on Wall Street prompted the Hang Seng Index to record its biggest point drop since October 28, 1997, when the Asian currency crisis hit the Hong Kong market.

Analysts said interest rate concerns, which sparked the US sell-off, were less of a real threat to Hong Kong than an incentive for investors to take profits on the stock market.

The turnover was 24,747 billion HK dollars (3.173 billion US dollars), 5.814 billion HK dollars (746 million US dollars) more than Tuesday's 18.933 billion HK dollars (2.427 billion US dollars).

All the four sub-indices suffered decreases, with Finances, Utilities, Properties and Commerce & Industry losing 5.24 percent,1.55 percent, 7.44 percent and 10.12 percent, respectively.

China-related stocks ended lower with the Hang Seng China Enterprises Index down 7.55 percent and Hang Seng China-Affiliated Corporations Index down 9.62 percent.

Hong Kong stocks lost 464.27 points, or 2.72 percent, to open at 16,608.55 Wednesday and plunged 1,333.77 points, or 7.81 percent, to close the morning session at 15,739.05. (Xinhua)