Shares in Hong Kong, still a British colony, dropped 11 per cent on Black Monday, after rising 50 per cent since the beginning of 1987, writes Andrew Wood in Hong Kong.

Futures trading, popular with speculators, was suspended as the Hang Seng index repeatedly fell by more than exchange rules allowed. Officials controversially shut the stock market and futures exchange for a week, saying the backlog of trades that needed processing was too big. Trading continued on the grey market. The stock exchange’s chairman and his deputy resigned.