Which index was the main benchmark of Hong Kong’s 1997 stock-market crash?

The Hang Seng Index was the main benchmark of Hong Kong’s 1997 stock-market crash.

The index tracks major companies listed in Hong Kong and is widely used as the headline measure of the territory’s equity market. During the Asian financial crisis, Hong Kong faced speculative pressure on its currency, rising interest rates, and falling regional confidence. These forces contributed to a severe stock-market decline.

The Hang Seng reached a pre-crisis closing high of 16,673.27 on August 7, 1997. It later fell to 6,660.42 on August 13, 1998, a decline of about 60% from that high. The Hong Kong Monetary Authority defended the currency peg, while the government intervened directly in the stock market in August 1998.

The Hang Seng is not the same as Hong Kong’s entire market. It is a selected index, and its constituents and methodology have changed over time. The 1997 crisis also affected Thailand, Indonesia, South Korea, and other economies, but each market had its own benchmark and timeline.