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Pedestrians cross a road in front of the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Oct. 29, 2020.

Hong Kong stocks plunged on Thursday as the China stimulus rally appeared to ease.

The Hang Seng index fell 1.4% as of final hour of trade, well off session lows. The decline followed a strong session on Wednesday when the index closed over 6% higher after hitting a 22-month high.

Hang Seng Mainland Properties Index briefly had declined as much as 10% before paring some of the losses. Hang Seng Tech Index fell 2.8%.

Markets in mainland China remain closed until Oct. 8. Chinese stocks had been on a tear after authorities announced a slew of support measures last week.

Beijing is widely anticipated to unleash more fiscal policies and support measures in the coming months, but "the eventual scale and content of the fiscal package might be quite improvised and uncertain," Ting Lu, chief China economist at Nomura said in a note, adding that investors should exercise "more sober assessment" amid the recent market frenzy.

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